MS HB1254

Authorizes the issuance of general obligation bonds not to exceed $4,000,000 to assist the City of Jackson with repairs, upgrades, and improvements to its water and sewer systems.

Creates a special fund designated "2023 City of Jackson Water and Sewer System Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified water and sewer projects.

Bonds may mature up to 25 years from date of issue, bear interest not to exceed rates set by Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

Bonds may not be issued after July 1, 2027, and any remaining fund balance after project completion shall be applied to pay debt service on the bonds.

Bonds and their income are exempt from all taxation in Mississippi and are legal investments for trustees, fiduciaries, banks, and insurance companies organized under state law.