MS HB241

Authorizes the State Bond Commission to issue up to $15,000,000 in general obligation bonds to fund construction, furnishing, and equipping of a new elementary school and playground for the Okolona Municipal Separate School District.

Bonds may mature up to 25 years from date of issue, with interest rates not exceeding limits set by Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2029.

Creates a special fund designated "2025 Okolona Municipal Separate School District Elementary School Fund" in the State Treasury to receive bond proceeds and disburse funds for the school project.

Pledges the full faith and credit of the State of Mississippi to guarantee bond payment; any insufficient appropriated funds will be paid from the State Treasury by the State Treasurer.

Bond proceeds are exempt from state taxation, and any remaining funds after project completion or abandonment shall be applied to pay debt service on the bonds.