MS HB1663

Authorizes issuance of state general obligation bonds up to $200,000 to assist the Town of Bude, Mississippi with purchasing motor vehicles, cameras, and equipment for the police department.

Creates the "2025 Town of Bude Public Safety Fund" as a special fund within the State Treasury to receive bond proceeds and disburse funds for the authorized purposes.

Bonds shall not exceed 25 years from date of issue and shall bear interest at rates not to exceed limits in Section 75-17-101, Mississippi Code of 1972; no bonds may be issued after July 1, 2029.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; bonds and income are exempt from state taxation and constitute legal investments for trustees and fiduciaries.

Act takes effect July 1, 2025; any remaining fund balance after project completion shall be applied to debt service on the bonds.