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MS HB1865
Bill
Status
Failed
2/26/2025
Primary Sponsor
Daryl Porter
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AI Summary
- Authorizes issuance of state general obligation bonds not to exceed $500,000 to assist the Town of Summit, Mississippi with purchasing body armor, tasers, body cameras, dash cameras, license plate recognition equipment, and police vehicles for the Summit Police Department
- Creates a special fund designated "2025 Town of Summit Police Department Fund" within the State Treasury to receive bond proceeds and disburse funds for the authorized equipment purchases
- Bonds shall mature within 25 years from date of issue, bear interest rates not to exceed limits in Section 75-17-101, and may be called for redemption at the State's option
- Full faith and credit of the State of Mississippi is pledged to pay bonds; if legislative appropriations are insufficient, the State Treasurer shall pay deficiency from unappropriated state funds
- Authorizes the State Bond Commission to issue bonds by resolution, with all bonds and investment earnings exempt from state taxation; no bonds may be issued after July 1, 2029; effective July 1, 2025
Legislative Description
Bonds; authorize issuance to assit the Town of Summit with purchasing equipemnt for its police department.
Last Action
Died In Committee
2/26/2025
Committee Referrals
Ways and Means2/25/2025
Full Bill Text
No bill text available