MS HB199

Authorizes issuance of state general obligation bonds not to exceed $450,000 to assist the Town of Alligator, Mississippi with costs of its 2022 Water and Sewer Improvement Project.

Creates a special fund called the "2024 Town of Alligator Water and Sewer Improvements Fund" within the State Treasury to receive and disburse bond proceeds for the project.

Bonds may mature up to 25 years from issue date with interest rates not exceeding limits in Section 75-17-101, Mississippi Code of 1972, and may be issued through July 1, 2028.

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.

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