MS HB1709

Authorizes the State Bond Commission to issue general obligation bonds not to exceed $1,200,100 to fund repairs, upgrades, and improvements to land and infrastructure at Cleveland Municipal Airport in Bolivar County.

Creates a special fund designated "2024 Cleveland Municipal Airport Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for airport project costs.

Bonds may mature up to 25 years from issuance, with interest rates not exceeding the limits in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

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

Bonds and income therefrom are exempt from all taxation in Mississippi and become effective July 1, 2024.