Bill > HB541

This bill authorizes the State of Mississippi to issue up to $2.5 million in general obligation bonds to assist the Holmes County Consolidated School District with constructing a football stadium and related facilities, including purchasing real property for the project. The State Bond Commission will oversee the bond issuance, which can occur anytime before July 1, 2029, with bonds having a maximum maturity of 25 years and interest rates not exceeding legal limits. A special fund called the "2025 Holmes County Consolidated School District Football Stadium Construction 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 for stadium-related expenses. The bonds are considered full faith and credit obligations of the state, meaning if legislative appropriations are insufficient to cover principal and interest payments, the State Treasurer must use other available state funds to make up the difference. 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. If the stadium project is completed, abandoned, or cannot be finished in a timely manner, any remaining funds will be applied to paying off the bond debt.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0541.xml