Bill > HB481

This bill authorizes the State of Mississippi to issue up to $300,000 in general obligation bonds to help the City of Clarksdale fund improvements to Sasse Park. The bonds will be issued by the State Bond Commission and will have a maximum maturity of 25 years, with interest rates not exceeding legal limits. A special fund called the "2025 City of Clarksdale Sasse Park Improvements Fund" will be created within the State Treasury to receive and manage the bond proceeds. The park improvements include specific projects such as new tennis courts, a skate ramp, an aquatic center, an amphitheater, gazebos, an outdoor fitness court, children's playground equipment, a botanical garden, walking trails with historical markers, and memorial trees. The bonds are backed by the full faith and credit of the state, meaning if appropriated funds are insufficient to cover principal and interest payments, the State Treasurer will use other available funds to make up the difference. The bonds will be tax-exempt and can be legally used by public entities to secure deposits. 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/HB0481.xml