MS HB554

Authorizes the State Bond Commission to issue general obligation bonds not to exceed $1,000,000 to assist the Town of Byhalia, Mississippi with repair, renovation, and improvements to the Byhalia Old School Commons.

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

Creates the "2025 Town of Byhalia Old School Commons Fund" as a special fund in the State Treasury to receive bond proceeds and disburse funds for project costs.

Designates bonds as general obligations of Mississippi backed by full faith and credit of the state, with the State Treasurer responsible for ensuring principal and interest payments from state funds if legislative appropriations are insufficient.

Takes effect July 1, 2025; any remaining fund balances after project completion must be applied to pay debt service on the bonds.