Bill > HB242

This bill authorizes the State of Mississippi to issue up to $500,000 in general obligation bonds to assist the Old Union Water Association in Lee County with water system improvements. The bonds, which can be issued between now and July 1, 2029, will be managed by the State Bond Commission and will have a maximum maturity of 25 years. A special fund called the "2025 Old Union Water Association Improvements Fund" will be created within the State Treasury to receive and distribute the bond proceeds, which can be used for construction, repair, replacement, upgrades, and infrastructure additions to the water association's system. 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 tax-exempt, considered legal investments, and can be validated through the Chancery Court. Any unused funds after project completion will be applied to debt service on the bonds. The bill will take effect on July 1, 2025.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0242.xml