MS HB779

Authorizes issuance of state general obligation bonds not to exceed $1,000,000 to assist the City of Verona, Mississippi with site development costs for the Old Town Crossing Project located at the southeast corner of Mississippi Highway 6 and U.S. Highway 45.

Creates a special fund designated "2023 City of Verona - Old Town Crossing Project Fund" within the State Treasury to receive bond proceeds and disburse funds to the city for project costs.

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

Prohibits bond issuance after July 1, 2027, and requires any remaining fund balance after project completion to be applied toward debt service on the bonds.

Bonds and their income are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, and financial institutions in Mississippi.