Bill > HB1670

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.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB1670.xml