MS HB215

Authorizes issuance of state general obligation bonds not to exceed $1,668,310 to assist the City of Okolona with construction and engineering costs for overlaying 10 streets including Raspberry Drive, Kirk Circle, Washington Avenue, and others.

Creates the "2024 City of Okolona Street Overlay Fund" within the State Treasury to receive bond proceeds and disburse funds for the street projects, with unexpended amounts and interest earnings remaining in the fund rather than reverting to the General Fund.

Bonds are general obligations of Mississippi backed by the full faith and credit of the state, bearing interest at rates not to exceed limits in Mississippi Code Section 75-17-101, maturing within 25 years, and exempt from state taxation.

State Bond Commission acts as issuing agent with authority to determine bond terms, sale methods, and pricing; State Treasurer certifies payment necessity and issues warrants to pay principal and interest as due.

No bonds may be issued after July 1, 2028; any remaining fund balance after project completion shall be applied to bond debt service payments.