Bill > HB507

This bill authorizes the State of Mississippi to issue up to $50,000 in state general obligation bonds, which are essentially loans backed by the full faith and credit of the state, to help the Town of Summit purchase and install a new weather siren. The funds will be placed in a special fund called the "2026 Town of Summit Weather Siren Fund" and can be disbursed by the Department of Finance and Administration to cover the costs of the siren. Any remaining money in the fund after the project is completed will be used to pay back the bonds. The State Bond Commission, a group responsible for issuing state bonds, will manage the sale of these bonds, which must be issued before July 1, 2030. The bill also outlines the legal and financial procedures for issuing these bonds, ensuring they are handled according to state law and are exempt from Mississippi taxes.

Budget and Finance

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB0507.xml