MS HB4061

Authorizes issuance of state general obligation bonds not to exceed $5,711,125.00 to assist Sunflower-Humphreys Counties Progress, Inc., in constructing a FEMA 361 compliant emergency storm shelter.

Creates the "2024 Sunflower-Humphreys Counties Progress, Inc., Storm Shelter Fund" as a special fund in the State Treasury separate from the General Fund, with unexpended amounts and interest earnings remaining in the fund.

Grants the State Bond Commission authority to determine bond terms including interest rates (not exceeding limits in Mississippi Code Section 75-17-101), maturity dates (not to exceed 25 years), and sale methods through public bidding or negotiation.

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

Bonds must be issued by July 1, 2028, and are exempt from Mississippi state taxation; any remaining fund balance after project completion shall be applied to bond debt service.