MS HB1494

Authorizes issuance of state general obligation bonds not to exceed $1,200,000 to assist the City of New Albany with central business district renovations, upgrades, and improvements as part of downtown revitalization.

Creates a special fund designated the "2024 City of New Albany Central Business District Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs.

Bonds may mature up to 25 years from issue date with interest rates not exceeding limits in Section 75-17-101, Mississippi Code of 1972, and are exempt from state taxation.

State pledges its full faith and credit to secure the bonds, with the State Treasurer authorized to certify payment warrants to the Department of Finance and Administration for principal and interest payments.

No bonds may be issued under this act after July 1, 2028, and any remaining fund balance after project completion shall be applied to debt service on the bonds.