MS HB1198

Authorizes the State Bond Commission to issue general obligation bonds up to $1,500,000 to assist the City of Pearl with construction, reconstruction, upgrades, and improvements to U.S. Highway 80 from Pearson Road to Pirate Cove for a lighting project.

Creates a special fund designated "2024 City of Pearl U.S. Highway 80 Lighting Project Fund" within the State Treasury to receive bond proceeds and disburse funds for the project costs.

Bonds shall be general obligations of Mississippi with full faith and credit pledged; bonds are exempt from state taxation and have a maximum maturity of 25 years with interest rates not exceeding limits in Section 75-17-101, Mississippi Code of 1972.

No bonds may be issued after July 1, 2028; any remaining funds after project completion shall be applied to pay debt service on the bonds, and investment earnings on the fund shall be used for debt service payments.

Act becomes effective July 1, 2024.