MS HB777

Authorizes issuance of up to $2,000,000 in state general obligation bonds to assist the City of Jackson's Department of Planning and Development with acquiring, demolishing, and removing blighted properties.

Creates the "2023 City of Jackson Blighted Properties Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible project costs.

Bonds may mature up to 25 years from issuance date 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.

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

Investment earnings on fund amounts are designated to pay debt service on issued bonds in accordance with bond authorization proceedings.