MS HB1576

Authorizes issuance of up to $2,500,000 in state general obligation bonds to assist the City of Port Gibson, Mississippi, with construction and development of a new water well and related equipment and facilities

Creates the "2023 City of Port Gibson Water Well Fund" within the State Treasury to receive and disburse bond proceeds, with funds remaining separate from the General Fund

Bonds may mature up to 25 years from date of issue and are backed by the full faith and credit of the State of Mississippi

Bonds and income from them are exempt from all state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies

No bonds may be issued under this act after July 1, 2027, with the act taking effect July 1, 2023