MS SB2109

Authorizes the issuance of state general obligation bonds not to exceed $500,000 to assist the Village of Cary, Mississippi, in paying costs associated with construction of a fire station.

Creates a special fund designated "2024 Village of Cary Fire Station Fund" within the State Treasury to receive bond proceeds and disburse funds for the fire station project.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, with the full faith and credit of the State pledged as security.

No bonds shall be issued under this authority after July 1, 2028; unexpended amounts and investment earnings remaining after project completion shall be applied to pay debt service on the bonds.

Bonds issued are exempt from Mississippi state taxation and are legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies organized under state law.