MS HB4048

Authorizes issuance of state general obligation bonds not to exceed $1,000,000 to assist the City of Belmont, Mississippi with costs of repairing and replacing its existing sewer line.

Creates a special fund designated "2024 City of Belmont Sewer Line Fund" within the State Treasury to receive bond proceeds and disburse funds for the sewer project.

Bonds may bear interest at rates not exceeding limits in Section 75-17-101 of Mississippi Code, mature in no more than 25 years, and may be sold by public bid or private negotiation by the State Bond Commission.

Pledges the full faith and credit of the State of Mississippi to guarantee payment of principal and interest; any shortfall shall be paid by the State Treasurer from general state funds.

All bonds issued shall be exempt from state taxation and must cease issuance after July 1, 2028; act takes effect July 1, 2024.