MS SB2111

Authorizes issuance of state general obligation bonds not to exceed $540,000 to fund the West Central Mississippi Incubator Grant Program in Humphreys, Madison, Sharkey, Sunflower, Washington, and Yazoo Counties.

Creates a special fund designated "2024 West Central Mississippi Incubator Grant Program Fund" to be maintained separately from the General Fund, with unexpended amounts and investment earnings remaining in the fund rather than lapsing.

Bonds may be issued at any time or in multiple installments until July 1, 2028, with maturity not exceeding 25 years, and interest rates not to exceed limits in Section 75-17-101, Mississippi Code of 1972.

Full faith and credit of the State of Mississippi is pledged for bond payment; if legislative appropriations are insufficient, the State Treasurer must pay any deficiency from other state funds.

Remaining funds after project completion may be applied to debt service on issued bonds; investment earnings on the fund shall also be used for bond debt service.