MS HB1724

Authorizes the State Bond Commission to issue up to $1,200,000 in general obligation bonds to assist Franklin County, Mississippi with costs associated with repairs, reconstruction, upgrades, and improvements to roads and streets in the county.

Bonds may mature up to 25 years from the date of issue, with interest rates not exceeding limits set forth in Section 75-17-101, Mississippi Code of 1972, and may be sold by sealed bid or negotiated sale.

Creates a special fund designated the "2024 Franklin County Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the road improvement projects.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; income from bonds is exempt from state taxation and qualifies as legal investments for trustees, fiduciaries, and financial institutions.

No bonds may be issued under this act after July 1, 2028; the act takes effect July 1, 2024.