Bill > HB1700

This bill authorizes the State of Mississippi to issue up to $540,200 in general obligation bonds to help the Town of Benoit fund its 2025 road improvement project. The State Bond Commission will oversee the bond issuance, which will involve creating a special "2025 Town of Benoit Road Improvement Project Fund" within the State Treasury. The bonds will have a maximum maturity of 25 years and bear interest rates not exceeding legal limits. The bonds are considered general obligations of the state, meaning the state's full faith and credit is pledged to repay them, and if legislative appropriations are insufficient, the State Treasurer must cover any shortfalls from other available funds. The bond proceeds will be disbursed by the Department of Finance and Administration directly to the Town of Benoit to support the road improvement project. The bonds will be tax-exempt, can be validated through the Chancery Court, and are considered legal investments for various financial institutions. The bill specifies that no bonds can be issued after July 1, 2029, and the act will take effect on July 1, 2025, providing a clear timeline for the bond issuance and project funding.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB1700.xml