MS HB4040

Authorizes the State Bond Commission to issue general obligation bonds up to $100,000 to assist the City of Rienzi, Mississippi, with costs of replacing two buildings located over the city's wells.

Creates a special fund called the "2024 City of Rienzi Buildings Replacement Fund" within the State Treasury to receive bond proceeds and disburse funds for the project.

Bonds shall mature within 25 years, bear interest rates not exceeding limits set in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

No bonds may be issued under this act after July 1, 2028, and any remaining funds after project completion shall be applied to pay debt service on the bonds.

Bond proceeds and income are exempt from Mississippi state taxation, and the act becomes effective July 1, 2024.