MS HB1516

Authorizes the issuance of state general obligation bonds up to $3,000,000 to assist the City of Tupelo, Mississippi with construction, furnishing, and equipping of a new fire station 5 and related facilities.

Creates a special fund designated "2023 City of Tupelo Fire Station 5 Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for the project.

Bonds may mature up to 25 years from date of issue, bear interest at rates not exceeding limits in Section 75-17-101 of Mississippi Code, and are backed by the full faith and credit of the State of Mississippi.

Bonds and their income are exempt from all taxation in Mississippi and are legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies in the state.

No bonds may be issued under this act after July 1, 2027, and any remaining funds after project completion shall be used for debt service on the issued bonds.