MS SB2091

Authorizes the issuance of state general obligation bonds up to $3,500,000 to assist the City of West Point, Mississippi with infrastructure improvements.

Bond proceeds ($1,500,000 for street paving and $2,000,000 for Water and Light Department building renovation) shall be deposited into a special "2024 City of West Point Improvements Fund" maintained by the State Treasurer.

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

State Bond Commission shall determine bond terms, manage sale procedures, and transfer proceeds to the special fund; any investment earnings on the fund shall be used for debt service on the bonds.

No bonds may be issued under this act after July 1, 2028; upon project completion or abandonment, remaining fund amounts shall be applied to bond debt service.