MS HB531

Authorizes issuance of state general obligation bonds totaling up to $2,500,000 to assist the City of Jackson with demolition of Fire Station 5, construction of a new fire station, and acquisition of a large ladder truck.

Limits bond issuance to a maximum of $850,000 per fiscal year with a deadline of July 1, 2028 for issuing any bonds under this act.

Creates the "2024 City of Jackson - Fire Station 5 Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs, with unexpended amounts and interest earnings to be used for debt service.

Pledges the full faith and credit of the State of Mississippi to secure repayment of the bonds, with the State Treasurer authorized to pay principal and interest from the General Fund if appropriated amounts are insufficient.

Bonds are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies organized under Mississippi law.