Bill > HB107

This bill authorizes the State of Mississippi to issue up to $1,000,000 in general obligation bonds to help the City of Cleveland finance the extension of Airport Terminal Road at the Cleveland Municipal Airport. The bill establishes a special "2025 Cleveland Airport Terminal Road Extension Fund" within the State Treasury, which will receive the bond proceeds and from which funds will be disbursed to the city. The State Bond Commission will manage the bond issuance, with bonds to be issued no later than July 1, 2029, and bearing interest rates not exceeding legal limits. These bonds will be general obligations of the state, meaning the state's full faith and credit is pledged to their repayment, and if legislative appropriations are insufficient, the State Treasurer will cover any deficiency from other state funds. The bonds will be legally investable by financial institutions, exempt from state taxation, and can be validated through the Chancery Court. Any unused funds in the special fund after project completion will be applied to debt service on the bonds. The bill provides detailed provisions for bond issuance, sale, and management, ensuring transparency and proper financial handling of the funds.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0107.xml