Bill > HB501

This bill authorizes the State of Mississippi to issue up to $10 million in general obligation bonds to fund repair, renovation, upgrades, and improvements to the Mississippi Delta Community College Law Enforcement Training Academy located in Sunflower County. The State Bond Commission will manage the bond issuance process, with bonds to be sold either through public sealed bidding or negotiated sales, bearing interest rates not exceeding legal limits and maturing within 25 years. A special "2025 Mississippi Delta Community College Law Enforcement Training Academy Fund" will be created in the State Treasury to receive and manage the bond proceeds, with funds to be disbursed by the Department of Finance and Administration specifically for the academy's improvement projects. The bonds will be considered general obligations of the state, backed by the full faith and credit of Mississippi, meaning if appropriated funds are insufficient to cover principal and interest payments, the State Treasurer will use other available state funds to make up the difference. The bonds will be legally exempt from state taxation, considered negotiable instruments, and can be validated through the Chancery Court. No bonds can be issued after July 1, 2029, and any unused funds will ultimately be applied to debt service on the bonds.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0501.xml