MS HB298

Authorizes issuance of state general obligation bonds not to exceed $600,000 to assist the Town of Byhalia, Mississippi with infrastructure improvements including sewer and water pumps and systems, public roads, and other infrastructure.

Bonds may mature up to 25 years from date of issue and bear interest at rates not exceeding limits set by Mississippi Code Section 75-17-101, with terms and conditions determined by the State Bond Commission.

Creates a special fund designated "2023 Town of Byhalia Infrastructure Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the authorized projects under discretion of the Department of Finance and Administration.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state; any remaining fund balance after project completion shall be applied to bond debt service, and investment earnings on the fund shall be used for debt service.

No bonds may be issued after July 1, 2027, and the act takes effect July 1, 2023.