Bill > HB302

This bill authorizes the State of Mississippi to issue up to $4,000,000 in state general obligation bonds to help Noxubee County fund specific road improvement projects, with $1,000,000 allocated for each of four projects: Gillespie Road in Supervisors District 1, Macon-Lynn Creek Road (East) in Supervisors District 3, Dorroh Hill Road in Supervisors District 4, and Macon-Lynn Creek Road (West) in Supervisors District 5. The State Bond Commission, referred to as the "Commission," will manage the issuance and sale of these bonds, which will be backed by the full faith and credit of the state and must be issued by July 1, 2030. Proceeds from the bond sales will be deposited into a dedicated fund, the "2026 Noxubee County Road Improvement Project Fund," and disbursed to the county for these road projects. Any remaining funds in this special account after the projects are completed, abandoned, or deemed unfinishable will be used to pay off the debt incurred from the bonds. The bill also outlines the procedures for bond issuance, including their maturity, interest rates, and legal standing, and specifies that the bonds and their income will be tax-exempt within Mississippi. This legislation is intended to provide a clear and complete authorization for issuing these bonds, without repealing existing bond issuance laws, and will take effect on July 1, 2026.

Budget and Finance

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB0302.xml