MS HB1514

Authorizes the State Bond Commission to issue up to $700,000 in general obligation bonds to assist the City of Guntown, Mississippi with widening and improvements to Sides Street and Long Street.

Bonds shall not exceed 25 years in maturity and interest rates must comply with Mississippi Code Section 75-17-101; proceeds from bond sales are transferred to a special fund designated the "2023 City of Guntown Sides Street and Long Street Improvements Fund."

Bond proceeds are disbursed by the Department of Finance and Administration to pay project costs, with any remaining funds after project completion applied to debt service on the bonds.

Bonds are general obligations of the State of Mississippi backed by the state's full faith and credit; bond income is exempt from state taxation and bonds are legal investments for fiduciaries and financial institutions.

All bonds must be issued by July 1, 2027, and the act becomes effective July 1, 2023.