MS HB157

Authorizes the State Bond Commission to issue up to $1,000,000 in general obligation bonds 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 the "2024 City of Verona - Old Town Crossing Project Fund" within the State Treasury to receive bond proceeds and disburse them to the City of Verona for project costs.

Bonds shall not exceed 25 years maturity, with interest rates subject to Mississippi Code Section 75-17-101 limits, and are backed by the full faith and credit of the State of Mississippi.

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

Bond proceeds are exempt from state taxation and the State Treasurer is directed to issue warrants as necessary to pay principal and interest when due.