MS HB4046

Authorizes issuance of state general obligation bonds not to exceed $700,000 to assist the City of Rienzi, Mississippi, in paying costs associated with making additions to city hall.

Creates a special fund designated the "2024 City of Rienzi City Hall Fund" within the State Treasury to receive bond proceeds and disburse them for the city hall project costs.

Bonds may be issued at any time or in multiple installments until July 1, 2028, with maturity dates not to exceed 25 years from issuance and interest rates not to exceed limits set by Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to secure the bonds; if appropriated funds are insufficient to pay principal and interest when due, the State Treasurer shall pay any deficiency from other available state funds.

Bonds and income from bonds are exempt from all Mississippi state taxation and any remaining fund balance after project completion shall be applied to pay debt service on the bonds.