MS SB3108

Authorizes the issuance of state general obligation bonds not to exceed $75,000 to assist the Town of Benoit, Mississippi, in paying costs associated with repairs and renovations to the town park.

Creates a special fund designated as the "2022 Benoit Town Park Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified repairs and renovations.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, and all bonds are general obligations of the State of Mississippi backed by full faith and credit.

No bonds may be issued under this authority after July 1, 2026, and any remaining funds after project completion shall be applied to pay debt service on the issued bonds.

Bonds issued are tax-exempt, and investment earnings on fund amounts shall be used to pay debt service on the bonds in accordance with the bond issuance proceedings.