Bill > HB115

This bill authorizes the State of Mississippi to issue general obligation bonds, which are essentially loans backed by the state's full faith and credit, to provide financial assistance to the City of Natchez for specific stormwater infrastructure projects. The State Bond Commission, referred to as the "Commission," will manage the issuance and sale of these bonds, with a total amount not exceeding $5,450,000, and no bonds to be issued after July 1, 2030. The funds generated will be deposited into a dedicated "2026 City of Natchez Stormwater Infrastructure Fund" and disbursed to help the city cover costs for three projects: the Roselawn Subdivision Stormwater Infrastructure project (up to $2,550,000), the West Stiers Lane Stormwater Infrastructure project (up to $1,600,000), and the Concord Avenue Stormwater Infrastructure project (up to $1,300,000). Any remaining funds in the special account after project completion will be used to pay off the debt incurred from the bonds. The bill also outlines the procedures for bond issuance, including their form, maturity, and legal standing, and specifies that the bonds and their income will be exempt from state taxation. This act takes effect on July 1, 2026.

Budget and Finance

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB0115.xml