MS HB242

Authorizes the issuance of state general obligation bonds not to exceed $500,000 to assist the Old Union Water Association in Lee County, Mississippi with water system construction, repair, replacement, upgrades, improvements and additions.

Creates a special fund designated "2025 Old Union Water Association Improvements Fund" within the State Treasury to receive bond proceeds and disburse them for the authorized water system projects.

Bonds shall mature within 25 years from date of issue, bear interest rates compliant with Mississippi law, and are general obligations of the state with full faith and credit pledged for repayment.

State Treasurer authorized to certify warrants to the Department of Finance and Administration for timely payment of bond principal, interest and accreted value as bonds become due.

No bonds may be issued after July 1, 2029; act becomes effective July 1, 2025.