Bill > HB1824

This bill authorizes the State of Mississippi to issue up to $1.5 million in general obligation bonds to help the City of Itta Bena fund improvements to its utility system and metering equipment. The State Bond Commission, a body responsible for issuing state bonds, will manage the sale of these bonds, with the proceeds going into a dedicated fund for the city's projects. These bonds are backed by the full faith and credit of the state, meaning the state guarantees their repayment. The bill outlines the procedures for issuing, selling, and validating these bonds, ensuring they are treated as negotiable instruments and are exempt from state taxes. The funds must be used solely for the specified utility improvements, and any remaining money after project completion will be used to pay off the bonds. The authorization for issuing these bonds expires on July 1, 2030, and the act itself takes effect on July 1, 2026.

Budget and Finance

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1824.xml