MS HB1878

Authorizes issuance of state general obligation bonds not to exceed $15,000,000 to assist the City of Gulfport in constructing a natatorium as a collaborative effort with Gulfport, Harrison County, and Long Beach school districts.

Creates a special fund designated "2024 City of Gulfport Natatorium Fund" within the State Treasury to receive bond proceeds and disburse funds for natatorium construction costs.

Bonds may be issued at any time or in multiple installments by the State Bond Commission but no bonds may be issued after July 1, 2028.

Bonds are general obligations of the State of Mississippi backed by full faith and credit, exempt from state taxation, with maturities not exceeding 25 years and interest rates subject to statutory limits.

Any remaining fund balance after project completion or abandonment shall be applied to pay debt service on the bonds; investment earnings on the fund shall also be used for debt service.