MS HB92

Authorizes the State Bond Commission to issue general obligation bonds with a maximum principal amount of $653,120.00 to assist the City of Baldwyn, Mississippi with construction, engineering, and related costs for paving North Second Street.

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

Bonds may have a maturity of up to 25 years from date of issue, with interest rates not exceeding limits in Section 75-17-101, Mississippi Code of 1972, and may be redeemed before maturity at the State's option.

Bonds are backed by the full faith and credit of the State of Mississippi as general obligations, with the State Treasurer authorized to issue warrants from the General Fund if appropriated funds are insufficient to pay principal and interest when due.

No bonds may be issued under this act after July 1, 2028, and any remaining fund amounts after project completion shall be applied to pay debt service on the issued bonds; the act takes effect July 1, 2024.