MS HB1685

Authorizes issuance of state general obligation bonds not to exceed $25,000,000 to assist the City of Gulfport, Mississippi with costs associated with its commerce corridor project.

Creates a special fund designated "2023 City of Gulfport Commerce Corridor Project Fund" within the State Treasury to receive bond proceeds and disburse funds to the city for the project.

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

Establishes that the State Bond Commission shall oversee bond issuance, sale, and administration, with the State Treasurer responsible for timely payment of principal and interest from state funds.

No bonds may be issued after July 1, 2027, and any remaining fund balance after project completion shall be applied to pay debt service on the bonds; bond income is exempt from Mississippi state taxation.