Bill > HB325

This bill authorizes the State of Mississippi to issue up to $650,000 in general obligation bonds to fund improvements to the Dr. Timothy Burrow Multipurpose Building in Jonestown. The bonds will be managed by the State Bond Commission and can be issued anytime before July 1, 2029. A special fund will be created within the State Treasury to receive the bond proceeds, which can be used for repairing, renovating, and expanding the multipurpose building, as well as constructing a parking lot, sidewalks, and related excavation work. 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 can use other available funds to cover any shortfall. The bonds will be legally investable by financial institutions, exempt from state taxation, and can be validated through the Chancery Court. Interest on the bonds will be payable semiannually or annually, with a maximum maturity of 25 years, and the bonds can be sold through public sealed bids or negotiated sale, depending on what the commission determines to be in the best interest of the state.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0325.xml