MS HB89

Authorizes the State Bond Commission to issue general obligation bonds not to exceed $212,825 to fund construction, engineering, and related costs for paving South Second Street in the City of Baldwyn, Mississippi.

Creates a special fund designated "2024 City of Baldwyn South Second Street Fund" within the State Treasury to receive bond proceeds and disburse funds for the street project.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits set by Mississippi Code Section 75-17-101, and the full faith and credit of the state is pledged for repayment.

Bond proceeds and investment earnings on the fund are exempt from state taxation and may be used for project costs or to pay debt service on the bonds if the project is completed, abandoned, or cannot be completed timely.

No bonds may be issued under this authorization after July 1, 2028, and the act becomes effective July 1, 2024.