Bill > HB1697

This bill authorizes the State of Mississippi to issue up to $300,000 in general obligation bonds to help the City of Jackson fund infrastructure improvements at three specific parks: Jayne Avenue Park, Livingston Park, and VA Legion Sports Complex. The State Bond Commission will manage the bond issuance process, determining details like interest rates, maturity dates, and sale methods. A special "2025 City of Jackson Parks Fund" will be created in the State Treasury to receive and manage the bond proceeds, with the Department of Finance and Administration responsible for disbursing funds to the city for park 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 available funds to make up the difference. The bonds will be tax-exempt and can be legally used by public entities to secure deposits. The bond authorization will expire on July 1, 2029, and the bill is set to take effect on July 1, 2025, providing a specific timeframe for the park improvement project funding.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB1697.xml