MS HB686

Authorizes the State Bond Commission to issue general obligation bonds not exceeding $3,000,000 to assist the City of Holly Springs with construction, reconstruction, repair, upgrades and improvements to Mississippi Highway 178 and related infrastructure.

Creates a special fund designated the "2025 City of Holly Springs Mississippi Highway 178 Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the authorized projects.

Bonds may mature up to 25 years from date of issue, bear interest at rates not exceeding limits in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

No bonds may be issued under this authority after July 1, 2029; any remaining fund balance after project completion shall be applied to pay debt service on the issued bonds.

Bonds and investment earnings are exempt from Mississippi state taxation, and proceeds may only be used for the specified highway improvements and costs incident to bond issuance and sale.