MS HB216

Authorizes issuance of state general obligation bonds not to exceed $500,000 to assist the Old Union Water Association in Lee County with construction, repair, replacement, and upgrades to its water system and related infrastructure.

Creates a special fund designated as the "2024 Old Union Water Association Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified water system projects.

Bonds may mature up to 25 years from issuance, bear interest 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.

State Bond Commission acts as issuing agent with authority to determine bond form, sale method, and timing; all bonds and income are exempt from Mississippi taxation and qualify as legal investments for state fiduciaries.

No bonds may be issued after July 1, 2028; any remaining fund balance after project completion shall be applied to bond debt service, and the act takes effect July 1, 2024.