MS HB213

Authorizes issuance of state general obligation bonds not to exceed $1,486,100 to assist the City of Okolona, Mississippi with construction, engineering, and related costs for overlaying 11 streets (Park Lane, Adams Avenue, Murphy Street, Chenault Street, Hawkins Street, Forest Drive, Lee Circle, Dawson Street, Okolona Terrace, Gatlin Street, and Hillcrest Street).

Creates a special fund designated the "2024 City of Okolona Street Overlay Fund" within the State Treasury to receive bond proceeds and disburse funds for the street overlay projects.

Bonds shall be general obligations of the State of Mississippi with full faith and credit pledged, mature within 25 years, and bear interest at rates not exceeding limits set in Mississippi Code Section 75-17-101.

Bonds must be issued by July 1, 2028; any remaining funds after project completion shall be applied to pay debt service on the bonds, and investment earnings on the fund shall also support debt service.

Act takes effect July 1, 2024.