MS HB111

Authorizes the issuance of state general obligation bonds up to $1,200,000 to assist the City of Cleveland, Mississippi with repairs, upgrades, and improvements to land and infrastructure at Cleveland Municipal Airport in Bolivar County.

Creates a special fund designated "2025 Cleveland Municipal Airport Improvements Fund" within the State Treasury to receive and disburse bond proceeds for the authorized airport projects.

Bonds shall mature within 25 years from date of issue, bear interest rates not exceeding limits set by Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

Bond proceeds must be used solely for airport improvement costs and costs incident to bond issuance and sale; any remaining funds after project completion shall be applied to debt service on the bonds.

No bonds may be issued under this authority after July 1, 2029, and the act takes effect July 1, 2025.