MS SB2118

Authorizes issuance of state general obligation bonds not to exceed $540,000 to fund the West Central Mississippi Incubator Grant Program in Humphreys, Madison, Sharkey, Sunflower, Washington, and Yazoo Counties.

Establishes a special fund called the "2025 West Central Mississippi Incubator Grant Program Fund" within the State Treasury, with unexpended amounts not lapsing and interest earnings deposited back into the fund.

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

Full faith and credit of the State of Mississippi is pledged for bond payment, with deficiencies paid by the State Treasurer from the General Treasury if legislative appropriations are insufficient.

Bonds are exempt from state taxation, and remaining funds may be applied to debt service on the bonds after projects are completed or certified as unable to be completed in a timely fashion.