MS HB1877

Authorizes issuance of general obligation bonds not to exceed $6,870,000 to assist the City of Gulfport with two projects: repair and renovation of Bayou View West Soccer Complex (up to $5,470,000) and construction of Coffee Creek 'Go Green' facility (up to $1,400,000).

Creates a special fund called the "2024 Parks and Recreation Road Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified Gulfport projects.

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

All bond proceeds and income are exempt from state taxation, and bonds may be validated in Hinds County Chancery Court under Chapter 13, Title 31 of the Mississippi Code.

No bonds shall be issued after July 1, 2028, and any remaining fund balances after project completion shall be applied to pay debt service on the bonds; act becomes effective July 1, 2024.