House Bill 1503 Summary

• Authorizes the State Bond Commission to issue general obligation bonds up to $230,000 to assist Claiborne County with security upgrades and improvements to county law enforcement and detention buildings and facilities.

• 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 by sealed bid at public sale or through negotiated sale.

• Creates the "2023 Claiborne County Law Enforcement Facilities Security Improvements Fund" as a separate fund within the State Treasury to receive bond proceeds and disburse funds for authorized projects.

• Pledges the full faith and credit of the State of Mississippi to pay bond principal and interest, with any deficiencies paid by the State Treasurer from the General Treasury.

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