Bill > HB77

This bill authorizes the State of Mississippi to issue up to $2 million in general obligation bonds to help the Summit Community Development Foundation develop a public park in the Town of Summit. The State Bond Commission will manage the bond issuance, which can occur anytime before July 1, 2029, with bonds maturing no more than 25 years after issuance and bearing interest rates not exceeding legal limits. A special "2025 Summit Community Development Foundation Park Fund" will be created in the State Treasury to receive and manage the bond proceeds, with funds to be disbursed by the Department of Finance and Administration specifically for park development costs. The bonds are considered general obligations of the state, meaning the state's full faith and credit is pledged to repay them, and if legislative appropriations are insufficient, the State Treasurer will cover any shortfall from other available funds. The bonds will be tax-exempt, considered legal investments, and can be validated through the Chancery Court. The bill specifies detailed provisions for bond issuance, sale, and management, ensuring transparency and proper financial procedures. The act will take effect on July 1, 2025.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0077.xml