Bill > HB236

This bill authorizes the State of Mississippi to issue up to $150,000 in general obligation bonds to help the Mississippi Minority Farmers Alliance repair its building and parking lot located in Monroe County. The State Bond Commission will manage the bond issuance process, with bonds bearing interest rates not exceeding legal limits and maturing within 25 years. A special fund called the "2025 Mississippi Minority Farmers Alliance Building Repair Fund" will be created in the State Treasury to receive the bond proceeds, and the Department of Finance and Administration will have discretion in disbursing funds to the farmers alliance for repair 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 appropriated funds are insufficient, the State Treasurer can use other available funds to cover any shortfall. 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 bond issuance authorization expires on July 1, 2029, and the bill will take effect on July 1, 2025.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0236.xml