MS HB1996

Authorizes the State Bond Commission to issue up to $2,000,000 in general obligation bonds to assist the Summit Community Development Foundation with costs for developing a public park in the Town of Summit, Mississippi.

Creates a special fund designated the "2024 Summit Community Development Foundation Park Fund" within the State Treasury to receive bond proceeds and disburse funds for the park project.

Bonds may mature up to 25 years from issue date, bear interest at rates not exceeding limits in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

No bonds may be issued under this authority after July 1, 2027; any remaining fund balances after project completion shall be applied to debt service on the issued bonds.

Bonds and income from bonds are exempt from all state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, and insurance companies in Mississippi.