MS HB1579

Authorizes the issuance of state general obligation bonds not to exceed $5,300,000 to assist the City of Port Gibson, Mississippi, with construction, furnishing, and equipping of a new water treatment plant and related facilities.

Creates a special fund designated "2023 City of Port Gibson Water Treatment Plant Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs.

Establishes that bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with the State Treasurer authorized to pay principal and interest from any available state funds.

Bonds may be issued at any time until July 1, 2027, with maturity not exceeding 25 years, interest rates set by the State Bond Commission, and income from the bonds exempt from state taxation.

Upon project completion, abandonment, or inability to complete timely, any remaining fund balance shall be applied to pay debt service on the issued bonds.