MS HB4045

Authorizes issuance of state general obligation bonds not to exceed $500,000 to assist the City of Booneville in repairing and renovating the old hardware building for use as a small business incubator with office space and Airbnb.

Creates a special fund designated "2024 City Booneville Small Business Incubator Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs at the discretion of the Department of Finance and Administration.

Bonds shall be general obligations of the State of Mississippi with full faith and credit pledged; mature within 25 years; bear interest at rates not exceeding statutory limits; and be exempt from state taxation.

Bond proceeds must be used solely for project costs and related issuance expenses; any remaining funds after project completion shall be applied to pay debt service on the bonds.

No bonds may be issued under this act after July 1, 2028; the act becomes effective July 1, 2024.