Bill > HB241

This bill authorizes the State of Mississippi to issue up to $15 million in general obligation bonds to help fund the construction, furnishing, and equipping of a new elementary school and related facilities for the Okolona Municipal Separate School District. The State Bond Commission will manage the bond issuance process, with bonds to be sold either through public sealed bids or negotiated sale, bearing interest rates not exceeding legal limits and maturing within 25 years. A special "2025 Okolona Municipal Separate School District Elementary School Fund" will be created in the State Treasury to receive and disburse the bond proceeds, with the Department of Finance and Administration overseeing fund management. The bonds will be 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 cover the shortfall from other available funds. The bonds will be tax-exempt, considered legal investments, 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, providing a clear timeline and framework for supporting the school district's infrastructure project.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0241.xml