MS HB1338

Authorizes issuance of state general obligation bonds not to exceed $450,000 to assist the Town of Alligator, Mississippi with costs of its 2022 Water and Sewer Improvement Project.

Creates a special fund designated "2023 Town of Alligator Water and Sewer Improvements Fund" within the State Treasury to receive and disburse bond proceeds for the project.

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 may be sold through sealed bids or negotiated sale.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; if appropriated funds are insufficient, deficiencies must be paid from the State Treasury.

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