MS HB1294

Authorizes the State Bond Commission to issue up to $15,000,000 in general obligation bonds to fund construction, furnishing, and equipping of a new elementary school and playground facilities for the Okolona Municipal Separate School District.

Creates a special fund designated "2023 Okolona Municipal Separate School District Elementary School Fund" within the State Treasury to receive and disburse bond proceeds for the authorized school construction project.

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

Bond proceeds and interest earnings are exempt from state taxation, and any remaining funds after project completion shall be applied to pay debt service on the bonds.

No bonds may be issued under this authority after July 1, 2027, and the act takes effect July 1, 2023.