MS HB1641

Authorizes the issuance of state general obligation bonds up to $500,000 to assist Pike County, Mississippi, with repair, renovation, and improvements to the McComb Public Library.

Establishes a special fund called the "2025 McComb Public Library Fund" within the State Treasury to receive bond proceeds and disburse funds for library project costs.

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

Bond proceeds and income from the bonds are exempt from Mississippi state taxation, and bonds may be issued only through July 1, 2029.

Any remaining funds in the special fund after project completion shall be applied to pay debt service on the issued bonds, with investment earnings also dedicated to debt service.