Authorizes the issuance of state bonds to fund the purchase and installation of a weather siren in Summit, Mississippi.
Mississippi House Bill 507 authorizes the issuance of state general obligation bonds to assist the Town of Summit in covering costs for purchasing and installing a new weather siren. The bonds, which can mature in up to 25 years, will be exempt from state taxes. A special fund, the "2026 Town of Summit Weather Siren Fund," will be created to manage the bond proceeds and any investment earnings. The fund will be used to pay for the siren and any remaining funds will be applied to debt service on the bonds. The bill specifies that no bonds can be issued after July 1, 2030.
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