MS HB637

Authorizes issuance of state general obligation bonds not to exceed $390,000 to assist the City of Starkville, Mississippi with costs of the Northside Drive Paved Channel project.

Creates a special fund designated "2023 City of Starkville Northside Drive Paved Channel Project Fund" within the State Treasury to receive bond proceeds and disburse funds for project construction, improvements, and related work.

Bonds may mature up to 25 years from date of issue at interest rates not exceeding limits in Mississippi Code Section 75-17-101, with proceeds payable semiannually or annually.

No bonds may be issued under this authority after July 1, 2027; any remaining fund amounts after project completion shall be applied to bond debt service.

Full faith and credit of the State of Mississippi is pledged for bond repayment, and bonds are exempt from state taxation; act becomes effective July 1, 2023.