Bill > HB2

This bill authorizes the State of Mississippi to issue up to $2,245,000 in general obligation bonds to help the City of Natchez fund a drainage improvement project on Concord Avenue. The bonds will be issued by the State Bond Commission and will have standard financial terms, including an interest rate not exceeding legal limits and a maximum maturity of 25 years. A special fund called the "2025 City of Natchez Concord Avenue Drainage Improvement Project 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 the drainage project. The bonds are considered general obligations of the state, meaning the state's full faith and credit is pledged to repay them, and if appropriated funds are insufficient, the State Treasurer will cover any shortfall from other available funds. The bonds will be tax-exempt, can be used as legal investments, and must be validated through a specific legal process. The bill specifies that no bonds can be issued after July 1, 2029, and the act will take effect on July 1, 2025.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0002.xml