MS HB1577

Authorizes issuance of general obligation bonds up to $8,000,000 to assist the City of Port Gibson, Mississippi with water and sewer line replacements and related infrastructure improvements.

Creates a special fund called the "2023 City of Port Gibson Water and Sewer Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible project costs.

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

Establishes July 1, 2027 as the deadline for issuing bonds; any remaining fund amounts after project completion must be applied to pay bond debt service.

Takes effect July 1, 2023, and bonds and income from bonds are exempt from Mississippi state taxation.