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Bill > HB1670


MS HB1670

Bonds; authorize issuance to assist East Madison Water Association with construction of new well and installation of automatic meter reading system.


summary

Introduced
02/05/2025
In Committee
02/05/2025
Crossed Over
Passed
Dead
02/26/2025

Introduced Session

2025 Regular Session

Bill Summary

An Act To Authorize The Issuance Of State General Obligation Bonds To Provide Funds To Assist The East Madison Water Association In Paying Costs Associated With Construction Of A New Water Well And Related Facilities And Installation Of An Automatic Meter Reading System; And For Related Purposes.

AI Summary

This bill authorizes the State of Mississippi to issue up to $425,000 in general obligation bonds to support the East Madison Water Association's infrastructure improvements. Specifically, the bonds will help fund the construction of a new water well, related facilities, and the installation of an automatic meter reading system. The State Bond Commission will manage the bond issuance, with proceeds deposited into a special "2025 East Madison Water Association System Fund" within the State Treasury. The bonds will be general obligations of the state, backed by the full faith and credit of Mississippi, and can be issued anytime before July 1, 2029. The bonds will have standard financial characteristics, including interest rates not exceeding legal limits, maturity periods up to 25 years, and will be exempt from state taxation. If state appropriations are insufficient to cover bond payments, the State Treasurer will cover any deficits from unappropriated funds. The bill provides detailed provisions for bond issuance, sale, validation, and management, ensuring a comprehensive and structured approach to financing this water infrastructure project.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Died In Committee (on 02/26/2025)

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