MS HB1518

Authorizes issuance of state general obligation bonds up to $4,000,000 to assist the City of Holly Springs, Mississippi, with construction, furnishing, and equipping of a wellness and aquatics center and related facilities.

Creates a special fund designated the "2023 City of Holly Springs Wellness and Aquatics Center Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for the project.

Bonds may have interest rates not exceeding limits in Mississippi Code Section 75-17-101, mature within 25 years, and are backed by the full faith and credit of the State of Mississippi.

No bonds may be issued after July 1, 2027, and any remaining fund amounts after project completion shall be applied to pay debt service on the issued bonds.

Bonds and income therefrom are exempt from Mississippi state taxation, and bond proceeds may only be used for the specified project and costs incident to bond issuance and sale.