MS HB85

Authorizes issuance of state general obligation bonds not to exceed $250,000 to assist the City of Verona ($50,000), Town of Plantersville ($100,000), and Town of Shannon ($100,000) with infrastructure improvements, park improvements, and police equipment purchases.

Authorizes issuance of state general obligation bonds not to exceed $20,000 to assist Lee County with construction of a volunteer fire department building and community center near Shannon, Mississippi.

Creates two special funds within the State Treasury to receive and disburse bond proceeds for the specified projects, with unexpended amounts and investment earnings applied to debt service on issued bonds.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state; principal and interest exempt from state taxation and payable over not more than 25 years.

No bonds may be issued under this act after July 1, 2027; Section 1 provisions governing bond issuance procedures apply to all bonds authorized herein.