MS HB1670

Authorizes the State Bond Commission to issue general obligation bonds not exceeding $425,000 to assist the East Madison Water Association with constructing a new water well, related facilities, and installing an automatic meter reading system.

Bonds may mature up to 25 years from issuance and cannot be issued after July 1, 2029, with interest rates capped under Mississippi Code Section 75-17-101.

Creates a special fund designated "2025 East Madison Water Association System Fund" to receive bond proceeds and disburse funds for the specified water projects.

Pledges the full faith and credit of the State of Mississippi to pay bond principal and interest, with any deficiencies paid from the State Treasury; bonds are exempt from state taxation.

Takes effect July 1, 2025, and allows remaining funds after project completion to be applied toward bond debt service.