Bill > HB111

This bill authorizes the State of Mississippi to issue general obligation bonds up to $1.2 million to assist the City of Cleveland with improvements to the Cleveland Municipal Airport. The bonds will be issued by the State Bond Commission and are backed by the full faith and credit of the state, meaning if appropriated funds are insufficient, the State Treasurer will cover any shortfall from other unappropriated state funds. A special "2025 Cleveland Municipal Airport Improvements Fund" will be created in the State Treasury to receive the bond proceeds, which can be disbursed by the Department of Finance and Administration to pay for airport repairs, upgrades, and infrastructure improvements. 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. The bill specifies detailed provisions for bond issuance, including how they can be sold (via public bid or negotiation), how they will be signed, and their legal status as negotiable instruments. Any unused funds in the special fund after project completion will be applied to paying off the bond debt service.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0111.xml