MS HB4038

Authorizes the State Bond Commission to issue general obligation bonds not to exceed $165,080 to assist the City of Florence, Mississippi in establishing a new park and recreation facility known as Eastside Park.

Creates a special fund called the "2024 City of Florence Park Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs under the discretion of the Department of Finance and Administration.

Bonds may have interest rates not exceeding limits in Section 75-17-101 of Mississippi Code, mature within 25 years, and be sold by sealed bid or negotiated sale as determined by the State Bond Commission.

Full faith and credit of the State of Mississippi is pledged for bond repayment, and any shortfall shall be paid by the State Treasurer from general treasury funds; bonds are exempt from state taxation.

No bonds may be issued after July 1, 2028, and any remaining fund amounts after project completion shall be applied toward bond debt service; act becomes effective July 1, 2024.