MS HB438

Authorizes issuance of state general obligation bonds not to exceed $412,857 to assist the City of Baldwyn, Mississippi with the Baldwyn 145 Drainage 2022 Improvement Project.

Creates a special fund designated "2023 City of Baldwyn - Baldwyn 145 Drainage 2022 Improvement Project Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state, with principal and interest payable from appropriated legislative funds or state treasury funds.

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

Unexpended amounts and investment earnings in the special fund shall not lapse and may be applied to pay debt service on bonds after project completion or abandonment.