Bill > HB326

This bill authorizes the State of Mississippi to issue up to $2.5 million in general obligation bonds to help Coahoma County fund the restriping and overlay of a portion of Friars Point Road, specifically the segment stretching from near Westover Drive to near Coahoma Community College. The State Bond Commission will manage the bond issuance process, with bonds that can mature up to 25 years from their issue date and bear interest rates not exceeding legal limits. A special "2025 Coahoma County Friars Point Road Fund" will be created in the State Treasury to receive and manage the bond proceeds, and any unused funds will eventually be applied to debt service. The bonds will be backed by the full faith and credit of the State of Mississippi, meaning if appropriated funds are insufficient to cover principal and interest payments, the State Treasurer will pay the difference from other available state funds. The bonds will be legally exempt from state taxation, can be validated through the Chancery Court, and are considered legal investments for various financial institutions. 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/HB0326.xml