MS HB500

Authorizes issuance of state general obligation bonds not to exceed $2,245,000 to assist the City of Natchez with its Concord Avenue drainage improvement project.

Creates the "2023 City of Natchez Concord Avenue Drainage Improvement Project Fund" within the State Treasury to receive bond proceeds and disburse funds for the project.

Bonds may mature up to 25 years from issuance, bear interest at 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 may be issued at any time until July 1, 2027, with the State Bond Commission authorized to determine bond terms, manage sale procedures, and transfer proceeds to the special fund.

Bonds and their income are exempt from Mississippi state taxation, and any unexpended amounts or investment earnings in the fund shall be used for debt service on the bonds.