MS SB2102

Authorizes issuance of state general obligation bonds up to $1,000,000 to assist the Housing Authority of the City of Canton, Mississippi in redeveloping 100 public housing units located in Canton.

Establishes a special fund called the "2024 Canton Housing Authority Redevelopment Fund" within the State Treasury to receive bond proceeds and disburse funds for the redevelopment project costs.

Bonds may be issued at any time or in multiple installments but no bonds may be issued after July 1, 2028, with maturity dates not exceeding 25 years from issuance.

Bonds are general obligations of Mississippi with full faith and credit of the state pledged for repayment; bonds are exempt from state taxation and constitute legal investments for trustees, fiduciaries, banks, and insurance companies.

Any remaining fund balance after project completion or abandonment shall be applied to pay debt service on the issued bonds; investment earnings on the fund shall also be used for debt service.