MS HB1536

Authorizes the State Bond Commission to issue up to $1,200,000 in general obligation bonds to assist the City of New Albany with central business district renovations, upgrades, and improvements as part of downtown revitalization.

Creates a special fund called the "2023 City of New Albany Central Business District Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified projects.

Bonds shall be general obligations of Mississippi with full faith and credit pledged by the state; interest rates cannot exceed limits in Section 75-17-101 of Mississippi Code and bonds shall mature within 25 years.

Bond proceeds may be used for project costs, with any remaining funds after project completion applied to pay debt service on the bonds; investment earnings on the fund shall also be used for debt service.

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