MS HB1778

Authorizes the issuance of state general obligation bonds not to exceed $1,800,000 to assist the Town of Marion, Mississippi with construction, reconstruction, development, upgrades and improvements at the intersection of Dale Drive and NE Industrial Park Drive, including adding lanes to both roads.

Creates a special fund called the "2025 Town of Marion Road Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified road projects at the discretion of the Department of Finance and Administration.

Establishes that bonds are general obligations of the State of Mississippi with full faith and credit pledged for repayment; principal and interest payments will be paid from state appropriations or the State Treasury if appropriations are insufficient.

Bonds shall bear interest at rates not exceeding Section 75-17-101 limits, mature within 25 years of issuance, and may be sold by sealed bids at public sale or through negotiated sale as determined by the State Bond Commission.

No bonds may be issued under this act after July 1, 2029; any remaining fund balances after project completion shall be applied to pay debt service on the bonds; investment earnings on the fund shall also be used for debt service.