MS HB77

Authorizes issuance of state general obligation bonds up to $2,000,000 to assist the Summit Community Development Foundation in paying costs for developing a public park in Summit, Mississippi.

Creates the "2025 Summit Community Development Foundation Park Fund" as a special fund within the State Treasury to receive bond proceeds and disburse funds for the park project.

Bonds shall mature no later than 25 years from date of issue, with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and may be called for redemption at the State's option.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest on the bonds; if legislative appropriations are insufficient, the State Treasurer shall pay any deficiency from unappropriated state funds.

Bonds and income therefrom are exempt from Mississippi state taxation, and no bonds may be issued after July 1, 2029.