Bill > HB1696

This bill authorizes the State of Mississippi to issue up to $250,000 in general obligation bonds to help Hinds County fund upgrades and improvements to the Jackson Police Department Training Academy. The State Bond Commission will manage the bond issuance process, with bonds bearing interest rates not exceeding legal limits and maturing within 25 years. A special fund called the "2025 Hinds County Jackson Police Department Training Academy Fund" will be created in the State Treasury to receive and manage the bond proceeds, with the Department of Finance and Administration having discretion to disburse funds for the training academy improvements. The bonds will be backed by the full faith and credit of the state, meaning if appropriated funds are insufficient to cover principal and interest payments, the State Treasurer will use other unappropriated funds to cover the difference. The bonds will be legally investable by financial institutions, exempt from state taxation, and can be validated through the Hinds County Chancery Court. The bill specifies that no bonds can be issued after July 1, 2029, and the act will take effect on July 1, 2025.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB1696.xml