Bill > HB238

This bill authorizes the State of Mississippi to issue up to $1 million in general obligation bonds to help the City of Verona fund site development work for the Old Town Crossing Project, located near the intersection of Mississippi Highway 6 and U.S. Highway 45. The State Bond Commission will manage the bond issuance, determining details like interest rates, maturity dates, and sale method, with bonds not to exceed 25 years in duration. A special "2025 City of Verona - Old Town Crossing Project Fund" will be created in the State Treasury to receive and disburse the bond proceeds, with the Department of Finance and Administration having discretion to distribute funds to the city for project costs. The bonds are considered general obligations of the state, meaning the state's full faith and credit is pledged to repay them, and if legislative appropriations are insufficient, the State Treasurer will cover any shortfall from other available funds. The bonds will be legally exempt from state taxation, can be validated through the Chancery Court, and are considered legal investments for various financial institutions. 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/HB0238.xml