Bill > HB324

This bill authorizes the State of Mississippi to issue up to $450,000 in general obligation bonds to help the Town of Alligator fund its 2025 Water and Sewer Improvement Project. The State Bond Commission will manage the bond issuance, which will have a maximum maturity of 25 years and bear interest rates not exceeding legal limits. A special fund called the "2025 Town of Alligator Water and Sewer Improvements Fund" will be created in the State Treasury to receive and disburse the bond proceeds, with the Department of Finance and Administration overseeing fund distribution to the town. 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/HB0324.xml