MS HB551

Authorizes the State Bond Commission to issue up to $2,245,000 in general obligation bonds to assist the City of Natchez with its Concord Avenue drainage improvement project.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, and cannot be issued after July 1, 2028.

Creates a special fund called the "2024 City of Natchez Concord Avenue Drainage Improvement Project Fund" within the State Treasury to receive bond proceeds and disburse funds to the city for project costs.

Pledges the full faith and credit of the State of Mississippi to pay bond principal and interest; exempts bonds and their income from state taxation.

Effective date is July 1, 2024.