MS HB1578

Authorizes the State Bond Commission to issue up to $100,000 in general obligation bonds to assist the City of Port Gibson with repair, renovation, and improvements to its water department main office.

Creates the "2023 City of Port Gibson Water Department Office Building Improvements Fund" as a separate fund within the State Treasury to receive bond proceeds and disburse funds for the specified water department project.

Bonds are full faith and credit obligations of the State of Mississippi, with principal and interest payments guaranteed by the State Treasury if appropriated funds are insufficient.

Bonds may mature in up to 25 years, bear interest rates not to exceed limits set by Mississippi Code Section 75-17-101, and may be issued or sold at public auction or by negotiated sale as determined by the commission.

Authority to issue bonds expires July 1, 2027; any remaining funds after project completion shall be applied toward debt service on the bonds, and investment earnings shall be used for bond debt service payments.