MS HB1506

Authorizes the issuance of state general obligation bonds not to exceed $750,000 to assist Jefferson County, Mississippi with drainage improvements, including replacing culverts and other projects.

Creates the "2023 Jefferson County Drainage Improvements Fund" within the State Treasury as a separate fund to receive bond proceeds and hold funds for project costs.

Establishes that bonds mature within 25 years, bear interest rates not exceeding limits in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the state.

Requires bond issuance through the State Bond Commission, which must advertise sales, determine pricing, and pay issuance costs from bond proceeds; all bonds are exempt from state taxation.

Prohibits bond issuance after July 1, 2027, and directs remaining fund balances after project completion to pay bond debt service, with investment earnings also applied to debt service.