Bill > HB124

This bill authorizes the State of Mississippi to issue up to $5.45 million in general obligation bonds to help the City of Natchez fund three specific stormwater infrastructure projects: the Roselawn Subdivision project (up to $2.55 million), the West Stiers Lane project (up to $1.6 million), and the Concord Avenue project (up to $1.3 million). The bonds will be issued by the State Bond Commission and will be backed by the full faith and credit of the state, meaning if appropriated funds are insufficient to pay the principal and interest, the State Treasurer will cover the difference from unallocated state funds. The bonds can be issued anytime before July 1, 2029, will have a maximum maturity of 25 years, and will be exempt from state taxation. A special "2025 City of Natchez Stormwater Infrastructure Fund" will be created in the State Treasury to receive and disburse the bond proceeds, with any unused funds after project completion to be applied to debt service. The bill provides detailed provisions for bond issuance, sale, validation, and management, ensuring transparency and proper financial handling of the bond process.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0124.xml