MS HB162

Authorizes issuance of state general obligation bonds up to $150,000 to assist Mississippi Minority Farmers Alliance with repair of its building and parking lot in Monroe County.

Creates a special fund within the State Treasury designated as the "2024 Mississippi Minority Farmers Alliance Building Repair Fund" to receive bond proceeds and disburse them at the discretion of the Department of Finance and Administration.

Bonds may have interest rates not exceeding limits set by Mississippi Code Section 75-17-101, mature within 25 years, and be sold through public sealed bids or negotiated sale at the State Bond Commission's discretion.

Full faith and credit of the State of Mississippi is pledged for bond repayment; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from unappropriated state funds.

No bonds may be issued after July 1, 2028; any remaining fund balance after project completion shall be applied to bond debt service; bond income is exempt from state taxation.