MS HB399

Authorizes issuance of state general obligation bonds up to $1,000,000 to assist the City of Jackson with acquisition, removal, and demolition of dilapidated and blighted properties near state grounds and the Farish Street Historic District.

Creates the "2024 City of Jackson Dilapidated and Blighted Properties Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible projects.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits set in Section 75-17-101, Mississippi Code of 1972, 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, 2028; any remaining fund balance after project completion shall be applied to pay debt service on the bonds.

Bond proceeds are exempt from state taxation, and unexpended funds do not lapse into the General Fund.