Bill > HB479

This bill authorizes the State of Mississippi to issue up to $354,000 in general obligation bonds to help the Town of Duncan extend and improve its walking trail. The State Bond Commission will oversee the bond issuance, which will involve creating a special "2025 Town of Duncan Walking Trail Extension Fund" in the State Treasury. The bonds will have standard financial characteristics, such as bearing interest (not exceeding legal limits), maturing within 25 years, and being redeemable before maturity. The bonds are considered general obligations of the state, meaning the state's full faith and credit is pledged to repay them, and if initial appropriations are insufficient, the State Treasurer can use other unappropriated funds to cover the debt. The funds will be disbursed by the Department of Finance and Administration to the Town of Duncan specifically for walking trail construction and improvement activities. The bonds will be legal investments, exempt from state taxation, and can be validated through the Chancery Court. 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/HB0479.xml