MS HB480

Authorizes issuance of state general obligation bonds up to $300,000 to fund improvements to Martin Luther King Park in Clarksdale, Mississippi.

Bond proceeds may be used for construction, repair, renovation, and upgrades including tennis courts, skate ramp, aquatic center, amphitheater, gazebos, outdoor fitness court, playground equipment, botanical garden, walking trails, and memorial trees.

Creates a special fund within the State Treasury designated "2025 City of Clarksdale Martin Luther King Park Improvements Fund" to receive bond proceeds and disburse funds to the city.

Bonds mature in no more than 25 years, bear interest per State Bond Commission determination, and are backed by the full faith and credit of the state; no bonds may be issued after July 1, 2029.

Bond proceeds and income are exempt from state taxation, and any remaining fund balance after project completion shall be applied toward bond debt service.