Bill > HB1778

This bill authorizes the State of Mississippi to issue up to $1.8 million in general obligation bonds to help the Town of Marion fund road improvements at and near the intersection of Dale Drive and NE Industrial Park Drive. The bonds, which can be issued between now and July 1, 2029, will create a special "2025, Town of Marion Road Fund" within the State Treasury to support specific infrastructure projects like adding lanes to Dale Drive and NE Industrial Park Drive. The State Bond Commission will manage the bond issuance process, determining details such as interest rates (not to exceed legal limits), maturity dates (up to 25 years), and sales method. These bonds are considered general obligations of the state, meaning the state's full faith and credit is pledged to repay them, and if initial appropriations are insufficient, the State Treasurer can use other unappropriated funds to cover any shortfalls. The bonds will be tax-exempt and considered legal investments for various financial institutions. Any remaining funds after project completion will be applied to debt service on the bonds. The bill specifies that the bonds can be validated through the Chancery Court and will become effective on July 1, 2025.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB1778.xml