Bill > HB106

This bill authorizes the State of Mississippi to issue up to $182,100 in general obligation bonds to help the City of Cleveland purchase four motor vehicles for its police department. The bill establishes a special "2025 City of Cleveland Police Department Motor Vehicles Fund" within the State Treasury, which will receive the bond proceeds and from which funds will be disbursed to the city for vehicle purchases. The State Bond Commission will manage the bond issuance process, determining details like interest rates (not to exceed legal limits), maturity dates (up to 25 years), and sale method. 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 and can be legally used by public entities and financial institutions for various purposes like securing public funds. The bill specifies that any unused funds in the special fund after project completion will be applied to paying off the bonds, and the bonds must be issued by July 1, 2029. The act is set to take effect on July 1, 2025.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0106.xml