MS HB1557

Authorizes the State Bond Commission to issue general obligation bonds not to exceed $200,000 to provide funds to the City of Petal, Mississippi for playground construction and development on city-owned land.

Creates the "2023 Petal Excel By 5 Playground Fund" within the State Treasury to receive bond proceeds and disburse funds to the City of Petal for playground project costs, including equipment acquisition and installation.

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

Bond proceeds may only be used for playground project costs and issuance expenses; any remaining funds after project completion shall be applied to debt service on the bonds.

Bonds cannot be issued after July 1, 2027, and the act takes effect July 1, 2023.