MS HB1698

Authorizes issuance of state general obligation bonds not to exceed $500,000 to assist the City of Canton, Mississippi with repair, renovation, upgrades, and improvements to Canton City Hall building and related facilities.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits set by Mississippi Code Section 75-17-101, and must be issued by July 1, 2027.

Creates a special fund called the "2023 Canton City Hall Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the Canton City Hall project.

Designates bonds as general obligations of the State of Mississippi backed by the full faith and credit of the state, with the State Treasurer authorized to issue warrants to pay principal and interest as they become due.

Bond income is exempt from all taxation in Mississippi, and any remaining fund balance after project completion shall be applied to pay debt service on the bonds.