MS HB1505

Authorizes the State Bond Commission to issue up to $250,000 in general obligation bonds to assist Claiborne County with implementing a watershed-based stormwater management program.

Bonds may mature in up to 25 years with interest rates not exceeding limits set in Section 75-17-101, Mississippi Code of 1972, and may be sold through sealed bid public sale or negotiated sale.

Creates the "2023 Claiborne County Stormwater Management Program Fund" as a separate special fund in the State Treasury, with proceeds used to pay program costs and any remaining balance applied to bond debt service after project completion.

Bonds are backed by the full faith and credit of the State of Mississippi, with principal and interest payable from appropriated funds or from the State Treasury if appropriations are insufficient; bond income is exempt from Mississippi taxation.

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