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MS SB2872
Bill
AI Summary
- Authorizes issuance of up to $3,560,000 in state general obligation bonds to assist Claiborne County with capital improvement projects
- Creates the "2025 Claiborne County Capital Improvements Fund" to disburse bond proceeds for five categories of projects: $1,100,000 for road improvements, $250,000 for stormwater management, $480,000 for library renovations, $230,000 for law enforcement facilities, and $1,500,000 for recreational facilities
- Establishes that bonds shall be general obligations of the state with full faith and credit pledged, bearing interest at rates not exceeding Section 75-17-101 limits, with maturity not exceeding 25 years
- Authorizes the State Bond Commission to issue bonds through sealed bids or negotiated sale, with proceeds exempt from state taxation and available for investment by trustees, fiduciaries, and public entities
- Provides that no bonds may be issued after July 1, 2029, and that any remaining fund balances after project completion shall be applied to debt service on the issued bonds; act effective July 1, 2025
Legislative Description
Bonds; authorize issuance to Claiborne County to assist in paying costs of various capital improvement projects.
Last Action
Died In Committee
2/26/2025
Committee Referrals
Finance1/20/2025
Full Bill Text
No bill text available