MS HB778

Authorizes issuance of state general obligation bonds up to $4,000,000 to assist the City of Jackson with repair, renovation, and improvements to 15 specified senior centers, community centers, and gymnasiums.

Creates a special fund designated the "2023 City of Jackson Senior Centers, Community Centers and Gymnasiums Fund" within the State Treasury to receive bond proceeds and disburse funds to the City of Jackson for eligible projects.

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

Bond proceeds may be used for project costs plus issuance and sale expenses; any remaining funds after project completion shall be applied to pay debt service on the bonds.

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