MS HB1645

Authorizes issuance of state general obligation bonds up to $4,000,000 to assist the City of Tupelo, Mississippi with costs associated with construction, development, repair, renovation, and improvements to Ballard Park.

Establishes the "2023 City of Tupelo Ballard Park Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible park improvement projects.

Bonds may mature up to 25 years from issuance, bear interest at rates not exceeding limits set in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

No bonds may be issued under this act after July 1, 2027; remaining funds in the special fund after project completion shall be applied to pay debt service on the bonds.

Bonds and income from bonds are exempt from Mississippi state taxation; takes effect July 1, 2023.