MS HB439

Authorizes issuance of state general obligation bonds not to exceed $428,140 to assist the City of Baldwyn, Mississippi with the Carrollville Avenue Improvements Project.

Creates a special fund designated the "2023 City of Baldwyn-Carrollville Avenue Improvements Fund" within the State Treasury to receive and disburse bond proceeds for project costs.

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

Bond proceeds and any investment earnings on the fund are exempt from state taxation and shall be applied to project costs; any remaining amounts after project completion shall be used for debt service on the bonds.

No bonds may be issued under this authority after July 1, 2027, and the act becomes effective July 1, 2023.