MS HB1527

Authorizes issuance of state general obligation bonds not to exceed $1,200,000 to assist the City of Pontotoc, Mississippi with relocating its fire station from Main Street to a less congested corner lot nearby.

Creates a special fund designated as the "2023 City of Pontotoc Fire Station Relocation Fund" within the State Treasury to receive bond proceeds and disburse funds for the fire station relocation project.

Bonds may mature up to 25 years from date of issue, with interest rates not exceeding limits set in Section 75-17-101, Mississippi Code of 1972, and are backed by the full faith and credit of the State of Mississippi.

Bond proceeds and income are exempt from all taxation in Mississippi, and any remaining funds after project completion shall be applied to pay debt service on the issued bonds.

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