MS HB523

Authorizes issuance of state general obligation bonds not to exceed $600,000 to assist the Town of Byhalia, Mississippi with infrastructure improvements including sewer and water systems, pumps, and public roads.

Creates a special fund designated "2024 Town of Byhalia Infrastructure Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the authorized infrastructure projects.

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

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with principal and interest exempt from state taxation and eligible as legal investments for trustees and financial institutions.

Department of Finance and Administration and the State Bond Commission are authorized to issue, sell, and manage the bonds; any remaining fund balance after project completion shall be applied to debt service on the bonds.