Bill > HB137

This bill authorizes the State of Mississippi to issue up to $150,000 in general obligation bonds, which are backed by the full faith and credit of the state, to help the Town of Metcalfe fund the repair and renovation of its town park. The State Bond Commission, referred to as the "Commission," will manage the issuance and sale of these bonds, with the proceeds going into a special fund called the "2026 Town of Metcalfe Park Repair and Renovation Fund." This fund will be managed by the State Treasurer and will not lapse into the General Fund at the end of a fiscal year; any interest earned will also remain in the fund. The Department of Finance and Administration will disburse money from this fund to assist Metcalfe with park costs. If any money remains after the park projects are completed, abandoned, or deemed unfeasible, it will be used to pay off the debt on the bonds. The bonds will mature within 25 years of issuance and cannot be issued after July 1, 2030. The bill also outlines procedures for bond issuance, validation, and legal standing, and states that these bonds will be legal investments and exempt from Mississippi taxation. The act takes effect on July 1, 2026.

Budget and Finance

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB0137.xml