Bill > HB1663

This bill authorizes the State of Mississippi to issue up to $200,000 in general obligation bonds to assist the Town of Bude in enhancing its public safety and law enforcement capabilities. The bonds will help the town purchase motor vehicles, cameras, and other equipment for its police department. A special fund called the "2025 Town of Bude Public Safety Fund" will be created within the State Treasury to manage the funds, with the State Bond Commission responsible for issuing and managing the bonds. The bonds will have a maximum maturity of 25 years, bear interest at a rate not exceeding legal limits, and can be sold through public bidding or negotiated sale. The bonds are backed by the full faith and credit of the State of Mississippi, meaning if appropriated funds are insufficient, the State Treasurer will cover any shortfall from unappropriated funds. The bonds will be tax-exempt and considered legal investments for various financial institutions. The bill specifies that any unused funds in the special fund will eventually be applied to pay debt service on the bonds, and the authorization for issuing these bonds expires on July 1, 2029. The act is set to take effect on July 1, 2025.