MS HB4042

Authorizes issuance of state general obligation bonds not to exceed $60,000 to assist Prentiss County in paying construction costs for the New Site Community Center, which will serve as a food distribution center and voting precinct.

Bonds may mature up to 25 years from issue date at interest rates not exceeding limits in Mississippi Code Section 75-17-101, with no bonds to be issued after July 1, 2028.

Creates a special fund designated "2024 Prentiss County - New Site Community Center Fund" within the State Treasury to receive bond proceeds and disburse funds for the project; remaining amounts after project completion shall be applied to debt service on the bonds.

Pledges the full faith and credit of the State of Mississippi for bond repayment, with the State Treasurer authorized to issue warrants for principal and interest payments from state funds if appropriated amounts are insufficient.

Bonds are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies; takes effect July 1, 2024.