Bill > HB475

This bill authorizes the State of Mississippi to issue up to $5 million in general obligation bonds to provide financial assistance to Bolivar County for the Town of Alligator's 2025 Water and Sewer Improvement Project. The State Bond Commission will oversee the bond issuance, which can occur anytime before July 1, 2029, with bonds having a maximum maturity of 25 years and interest rates not exceeding legal limits. A special fund will be created in the State Treasury specifically for this project, and the Department of Finance and Administration will manage fund disbursements to Bolivar County. 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 remaining debt from unappropriated state funds. The bonds will be legally exempt from state taxation, can be validated through a specific court process, and are considered legal investments for various financial institutions. Any unused funds in the special project fund will ultimately be applied to bond debt service once the project is completed or determined to be unviable. The bill will take effect on July 1, 2025.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0475.xml