Bill > HB1701

This bill authorizes the State of Mississippi to issue up to $1 million in general obligation bonds to assist Bolivar County with improvements to the Richard M. Coleman, Sr. Recreational Park. The bonds will be issued by the State Bond Commission and will have a maximum maturity of 25 years, with interest rates not exceeding legal limits. A special fund will be created in the State Treasury specifically for this project, and the funds can be used for construction, furnishing, equipping, expansion, repair, renovation, and infrastructure improvements at and near the park. The bonds are considered general obligations of the state, meaning the full faith and credit of Mississippi is pledged to repay them, and if legislative appropriations are insufficient, the State Treasurer will cover any shortfall from other available funds. The bonds will be exempt from state taxation, can be legally invested by financial institutions, and must be issued before July 1, 2029. Any remaining funds after project completion will be applied to debt service on the bonds. The bill provides detailed provisions for the bond issuance process, including how they will be sold, signed, and validated, ensuring transparency and legal compliance in the financial transaction.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB1701.xml