HB120

Mississippi HB120 authorizes the issuance of state bonds to fund the Concord Avenue drainage improvement project in Natchez.

Mississippi HB120 authorizes the State Bond Commission to issue up to $2,245,000 in general obligation bonds to assist the City of Natchez with its Concord Avenue drainage improvement project. The bonds, exempt from state taxation, mature within 25 years and bear interest at rates not exceeding statutory limits. Proceeds from bond sales are deposited into a special fund, used exclusively for project costs. The State Treasurer is responsible for paying bond principal and interest, with any deficiency covered by unappropriated state funds.