Bill > SB2098

This bill authorizes the State of Mississippi to issue up to $2 million in general obligation bonds to provide financial assistance to the Black Prairie Blues Museum in West Point for repair, renovation, or construction purposes. The bill establishes a special "2025 Black Prairie Blues Museum Improvements Fund" within the State Treasury, where bond proceeds will be deposited and managed by the Department of Finance and Administration. The bonds will have a maximum maturity of 25 years and can be issued until July 1, 2029, with interest rates not exceeding legal limits. The State Bond Commission will oversee the bond issuance process, including determining bond details, selling the bonds, and managing the proceeds. The bonds are considered general obligations of the state, meaning the state's full faith and credit is pledged to repay them, and if initial appropriations are insufficient, the State Treasurer can use other available funds to cover any shortfalls. Any unused funds in the special fund will ultimately be applied to debt service on the bonds. The bonds will be tax-exempt and considered legal investments for various financial institutions. The bill provides comprehensive guidelines for the bond issuance, validation, and management process.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/SB/SB2098.xml