MS HB742

Authorizes the State Bond Commission to issue up to $1,000,000 in general obligation bonds to assist the City of Cleveland, Mississippi with costs of extending Airport Terminal Road at Cleveland Municipal Airport.

Creates the "2024 Cleveland Airport Terminal Road Extension Fund" within the State Treasury to receive bond proceeds and disburse funds for the airport project.

Bonds shall mature within 25 years, bear interest at rates not exceeding limits in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

No bonds may be issued under this authorization after July 1, 2028, and any remaining fund balance after project completion shall be applied to debt service on the bonds.

Bonds and interest income are exempt from Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies in the state.