MS HB1570

Authorizes the issuance of state general obligation bonds not to exceed $527,000 to assist the Town of Bude, Mississippi with costs for relocation, repair, renovation, restoration, furnishing, and equipping of the Bude Depot and relocation, repair, renovation, and restoration of the depot caboose.

Creates a special fund designated as the "2023 Town of Bude Depot Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified projects.

Establishes that bonds shall mature within 25 years from date of issue, bear interest at rates not to exceed limits in Mississippi Code Section 75-17-101, and be backed by the full faith and credit of the State of Mississippi.

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

Bonds and income therefrom are exempt from all taxation in Mississippi and are legal investments for trustees, fiduciaries, savings banks, and insurance companies organized under state law.