MS HB1875

Authorizes issuance of state general obligation bonds not to exceed $33,300,000 to assist the City of Gulfport, Mississippi with costs of the South Gulfport, North Gulfport, and Flatbranch Pump Station wastewater treatment projects.

Creates a special fund designated "2024 Wastewater Treatment Project Fund" within the State Treasury to receive bond proceeds and disburse funds for the authorized projects under the Department of Finance and Administration's discretion.

Bonds may mature up to 25 years from issue date at interest rates not exceeding limits in Section 75-17-101, Mississippi Code of 1972, 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 balance after project completion shall be applied to pay bond debt service.

Bond proceeds and income are exempt from all state taxation, and the act takes effect July 1, 2024.