MS HB1664

Authorizes issuance of state general obligation bonds not to exceed $350,000 to assist the City of Port Gibson with repairs, upgrades and improvements to its sewage treatment plant and related facilities.

Creates a special fund designated "2023 City of Port Gibson Sewage Treatment Plant Fund" within the State Treasury to receive bond proceeds and disburse funds for sewage plant projects including levee stabilization, new aerators, and vegetation removal.

Bonds shall mature within 25 years from date of issue, bear interest rates not exceeding limits in Section 75-17-101 of Mississippi Code, and are backed by the full faith and credit of the State of Mississippi.

Bonds must be issued by July 1, 2027, and any remaining funds after project completion shall be applied to pay debt service on the bonds.

Bond proceeds and income from bonds are exempt from all taxation in Mississippi, and bonds are legal investments for trustees, fiduciaries, savings banks, trust companies and insurance companies.