Bonds; authorize issuance for various projects in Bolivar County.

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To: Ways and Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Representative Sanders

HOUSE BILL NO. 769

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 1
BONDS TO PROVIDE FUNDS TO ASSIST BOLIVAR COUNTY, MISSISSIPPI, IN 2
PAYING COSTS ASSOCIATED WITH THE THIRD PHASE OF DEVELOPMENT OF THE 3
TERRENE LANDING PROJECT NEAR ROSEDALE, MISSISSIPPI; TO AUTHORIZE 4
THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO 5
ASSIST IN PAYING COSTS ASSOCIATED WITH IMPROVEMENTS AT GREAT RIVER 6
ROAD STATE PARK IN ROSEDALE, MISSISSIPPI; TO AUTHORIZE THE 7
ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO 8
ASSIST IN PAYING COSTS ASSOCIATED WITH IMPROVEMENTS TO THE MOUND 9
BAYOU AFRICAN-AMERICAN MUSEUM AND INTERPRETIVE CENTER IN MOUND 10
BAYOU, MISSISSIPPI; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL 11
OBLIGATION BONDS TO PROVIDE FUNDS TO ASSIST BOLIVAR COUNTY, 12
MISSISSIPPI, IN PAYING COSTS ASSOCIATED WITH DEVELOPMENT AND 13
IMPROVEMENT OF SIGNAGE AND PROMOTION FOR CIVIL RIGHTS HISTORICAL 14
SITES IN BOLIVAR COUNTY; TO AUTHORIZE THE ISSUANCE OF STATE 15
GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO ASSIST THE CITY OF 16
CLEVELAND, MISSISSIPPI, IN PAYING COSTS ASSOCIATED WITH 17
CONSTRUCTION AND DEVELOPMENT OF PARKS IN THE CITY AND IMPROVEMENTS 18
TO PARKS IN THE CITY, IMPROVEMENTS TO FACILITIES FOR A COMMUNITY 19
CENTER AND COMMUNITY KITCHEN IN THE CITY, DEVELOPMENT OF A MURAL 20
ON OR ALONG KAMIEN WAY AND THE INSTALLATION OF ELECTRIC VEHICLE 21
CHARGING STATIONS IN THE DOWNTOWN AREA OF THE CITY; TO AUTHORIZE 22
THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO 23
ASSIST THE CITY OF CLEVELAND, MISSISSIPPI, IN PAYING COSTS 24
ASSOCIATED WITH IMPROVEMENTS TO PARKS AND RECREATION FACILITIES IN 25
THE CITY; AND FOR RELATED PURPOSES. 26
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 27
SECTION 1. (1) The provisions of this section shall apply 28
to every section of this act that relates to the issuance of bonds 29
unless otherwise provided in this act. 30
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(2) As used in this act, the following words shall have the 31
meanings ascribed herein unless the context clearly requires 32
otherwise: 33
(a) "State" means the State of Mississippi. 34
(b) "Commission" means the State Bond Commission. 35
(3) The principal of and interest on the bonds authorized 36
under this act shall be payable in the manner provided in this 37
subsection. Such bonds shall bear such date or dates, be in such 38
denomination or denominations, bear interest at such rate or rates 39
(not to exceed the limits set forth in Section 75-17-101, 40
Mississippi Code of 1972), be payable at such place or places 41
within or without the State of Mississippi, shall mature 42
absolutely at such time or times not to exceed twenty-five (25) 43
years from date of issue, be redeemable before maturity at such 44
time or times and upon such terms, with or without premium, shall 45
bear such registration privileges, and shall be substantially in 46
such form, all as shall be determined by resolution of the 47
commission. 48
(4) The bonds authorized by this act shall be signed by the 49
chairman of the commission, or by his facsimile signature, and the 50
official seal of the commission shall be affixed thereto, attested 51
by the secretary of the commission. The interest coupons, if any, 52
to be attached to such bonds may be executed by the facsimile 53
signatures of such officers. Whenever any such bonds shall have 54
been signed by the officials designated to sign the bonds who were 55
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in office at the time of such signing but who may have ceased to 56
be such officers before the sale and delivery of such bonds, or 57
who may not have been in office on the date such bonds may bear, 58
the signatures of such officers upon such bonds and coupons shall 59
nevertheless be valid and sufficient for all purposes and have the 60
same effect as if the person so officially signing such bonds had 61
remained in office until their delivery to the purchaser, or had 62
been in office on the date such bonds may bear. However, 63
notwithstanding anything herein to the contrary, such bonds may be 64
issued as provided in the Registered Bond Act of the State of 65
Mississippi. 66
(5) All bonds and interest coupons issued under the 67
provisions of this act have all the qualities and incidents of 68
negotiable instruments under the provisions of the Uniform 69
Commercial Code, and in exercising the powers granted by this act, 70
the commission shall not be required to and need not comply with 71
the provisions of the Uniform Commercial Code. 72
(6) The commission shall act as issuing agent for the bonds 73
authorized under this act, prescribe the form of the bonds, 74
determine the appropriate method for sale of the bonds, advertise 75
for and accept bids or negotiate the sale of the bonds, issue and 76
sell the bonds so authorized to be sold, pay all fees and costs 77
incurred in such issuance and sale, and do any and all other 78
things necessary and advisable in connection with the issuance and 79
sale of such bonds. The commission is authorized and empowered to 80
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pay the costs that are incident to the sale, issuance and delivery 81
of the bonds authorized under this act from the proceeds derived 82
from the sale of such bonds. The commission may sell such bonds 83
on sealed bids at public sale or may negotiate the sale of the 84
bonds for such price as it may determine to be for the best 85
interest of the State of Mississippi. All interest accruing on 86
such bonds so issued shall be payable semiannually or annually. 87
If such bonds are sold by sealed bids at public sale, notice 88
of the sale shall be published at least one time, not less than 89
ten (10) days before the date of sale, and shall be so published 90
in one or more newspapers published or having a general 91
circulation in the City of Jackson, Mississippi, selected by the 92
commission. 93
The commission, when issuing any bonds under the authority of 94
this act, may provide that bonds, at the option of the State of 95
Mississippi, may be called in for payment and redemption at the 96
call price named therein and accrued interest on such date or 97
dates named therein. 98
(7) The bonds issued under the provisions of this act are 99
general obligations of the State of Mississippi, and for the 100
payment thereof the full faith and credit of the State of 101
Mississippi is irrevocably pledged. If the funds appropriated by 102
the Legislature are insufficient to pay the principal of and the 103
interest on such bonds as they become due, then the deficiency 104
shall be paid by the State Treasurer from any funds in the State 105
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Treasury not otherwise appropriated. All such bonds shall contain 106
recitals on their faces substantially covering the provisions of 107
this subsection. 108
(8) Upon the issuance and sale of bonds under the provisions 109
of this act, the commission shall transfer the proceeds of any 110
such sale or sales to the special fund created in subsection (1) 111
of the applicable section of this act. The proceeds of such bonds 112
shall be disbursed from the special fund under such restrictions, 113
if any, as may be contained in the resolution providing for the 114
issuance of the bonds. 115
(9) The bonds authorized under this act may be issued 116
without any other proceedings or the happening of any other 117
conditions or things other than those proceedings, conditions and 118
things which are specified or required by this act. Any 119
resolution providing for the issuance of bonds under the 120
provisions of this act shall become effective immediately upon its 121
adoption by the commission, and any such resolution may be adopted 122
at any regular or special meeting of the commission by a majority 123
of its members. 124
(10) The bonds authorized under the authority of this act 125
may be validated in the Chancery Court of the First Judicial 126
District of Hinds County, Mississippi, in the manner and with the 127
force and effect provided by Title 31, Chapter 13, Mississippi 128
Code of 1972, for the validation of county, municipal, school 129
district and other bonds. The notice to taxpayers required by 130
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such statutes shall be published in a newspaper published or 131
having a general circulation in the City of Jackson, Mississippi. 132
(11) Any holder of bonds issued under the provisions of this 133
act or of any of the interest coupons pertaining thereto may, 134
either at law or in equity, by suit, action, mandamus or other 135
proceeding, protect and enforce any and all rights granted under 136
this act, or under such resolution, and may enforce and compel 137
performance of all duties required by this act to be performed, in 138
order to provide for the payment of bonds and interest thereon. 139
(12) All bonds issued under the provisions of this act shall 140
be legal investments for trustees and other fiduciaries, and for 141
savings banks, trust companies and insurance companies organized 142
under the laws of the State of Mississippi, and such bonds shall 143
be legal securities which may be deposited with and shall be 144
received by all public officers and bodies of this state and all 145
municipalities and political subdivisions for the purpose of 146
securing the deposit of public funds. 147
(13) Bonds issued under the provisions of this act and 148
income therefrom shall be exempt from all taxation in the State of 149
Mississippi. 150
(14) The proceeds of the bonds issued under this act shall 151
be used solely for the purposes herein provided, including the 152
costs incident to the issuance and sale of such bonds. 153
(15) The State Treasurer is authorized, without further 154
process of law, to certify to the Department of Finance and 155
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Administration the necessity for warrants, and the Department of 156
Finance and Administration is authorized and directed to issue 157
such warrants, in such amounts as may be necessary to pay when due 158
the principal of, premium, if any, and interest on, or the 159
accreted value of, all bonds issued under this act; and the State 160
Treasurer shall forward the necessary amount to the designated 161
place or places of payment of such bonds in ample time to 162
discharge such bonds, or the interest thereon, on the due dates 163
thereof. As used in this section, the "accreted value" of any 164
bond means, as of any date of computation, an amount equal to the 165
sum of (a) the stated initial value of such bond, plus (b) the 166
interest accrued thereon from the issue date to the date of 167
computation at the rate, compounded semiannually, that is 168
necessary to produce the approximate yield to maturity shown for 169
bonds of the same maturity. 170
(16) This act shall be deemed to be full and complete 171
authority for the exercise of the powers granted in this act that 172
relate to the issuance of bonds, but this act shall not be deemed 173
to repeal or to be in derogation of any existing law of this state 174
that relates to the issuance of bonds. 175
SECTION 2. (1) (a) (i) A special fund, to be designated 176
as the "2026 Bolivar County Riverfront Development Fund", is 177
created within the State Treasury. The fund shall be maintained 178
by the State Treasurer as a separate and special fund, separate 179
and apart from the General Fund of the state. Unexpended amounts 180
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remaining in the fund at the end of a fiscal year shall not lapse 181
into the State General Fund, and any interest earned or investment 182
earnings on amounts in the fund shall be deposited into such fund. 183
(ii) Monies deposited into the fund shall be 184
disbursed, in the discretion of the Department of Finance and 185
Administration, as follows: 186
1. Not more than One Million Three Hundred 187
Thousand Dollars ($1,300,000.00) shall be used to assist Bolivar 188
County, Mississippi, in paying costs associated with the third 189
phase of development of the Terrene Landing project near Rosedale, 190
Mississippi; and 191
2. Not more than Two Hundred Fifty Thousand 192
Dollars ($250,000.00) shall be used to assist in paying costs 193
associated with planning, site work, construction, repair and 194
renovation of and upgrades and improvements to equipment, 195
facilities, grounds and infrastructure at Great River Road State 196
Park in Rosedale, Mississippi. 197
(b) Amounts deposited into such special fund shall be 198
disbursed to pay the costs of the projects described in paragraph 199
(a) of this subsection. Promptly after the commission has 200
certified, by resolution duly adopted, that the projects described 201
in paragraph (a) of this subsection shall have been completed, 202
abandoned, or cannot be completed in a timely fashion, any amounts 203
remaining in such special fund shall be applied to pay debt 204
service on the bonds issued under this section, in accordance with 205
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the proceedings authorizing the issuance of such bonds and as 206
directed by the commission. 207
(2) (a) The commission, at one time, or from time to time, 208
may declare by resolution the necessity for issuance of general 209
obligation bonds of the State of Mississippi to provide funds for 210
all costs incurred or to be incurred for the purposes described in 211
subsection (1) of this section. Upon the adoption of a resolution 212
by the Department of Finance and Administration, declaring the 213
necessity for the issuance of any part or all of the general 214
obligation bonds authorized by this section, the department shall 215
deliver a certified copy of its resolution or resolutions to the 216
commission. Upon receipt of such resolution, the commission is 217
authorized to proceed under the provisions of Section 1(6) of this 218
act. The total amount of bonds issued under this section shall 219
not exceed One Million Five Hundred Fifty Thousand Dollars 220
($1,550,000.00). No bonds shall be issued under this section 221
after July 1, 2030. 222
(b) Any investment earnings on amounts deposited into 223
the special fund created in subsection (1) of this section shall 224
be used to pay debt service on bonds issued under this section, in 225
accordance with the proceedings authorizing issuance of such 226
bonds. 227
(3) The provisions of Section 1 of this act shall apply to 228
the issuance of bonds authorized under this section. 229
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SECTION 3. (1) (a) (i) A special fund, to be designated 230
as the "2026 Bolivar County Civil Rights Tourism Development 231
Fund", is created within the State Treasury. The fund shall be 232
maintained by the State Treasurer as a separate and special fund, 233
separate and apart from the General Fund of the state. Unexpended 234
amounts remaining in the fund at the end of a fiscal year shall 235
not lapse into the State General Fund, and any interest earned or 236
investment earnings on amounts in the fund shall be deposited into 237
such fund. 238
(ii) Monies deposited into the fund shall be 239
disbursed, in the discretion of the Department of Finance and 240
Administration, as follows: 241
1. Not more than Eighty Thousand Five Hundred 242
Dollars ($80,500.00) shall be used to assist in paying costs 243
associated with repair, renovation, furnishing and equipping of 244
and upgrades, additions and improvements to the Mound Bayou 245
African American Museum and Interpretive Center in Mound Bayou, 246
Mississippi; and 247
2. Not more than One Hundred Thousand Dollars 248
($100,000.00) shall be used to assist Bolivar County, Mississippi, 249
in paying costs associated with development and improvement of 250
signage and promotion for Civil Rights historical sites in Bolivar 251
County, Mississippi. 252
(b) Amounts deposited into such special fund shall be 253
disbursed to pay the costs of the projects described in paragraph 254
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(a) of this subsection. Promptly after the commission has 255
certified, by resolution duly adopted, that the projects described 256
in paragraph (a) of this subsection shall have been completed, 257
abandoned, or cannot be completed in a timely fashion, any amounts 258
remaining in such special fund shall be applied to pay debt 259
service on the bonds issued under this section, in accordance with 260
the proceedings authorizing the issuance of such bonds and as 261
directed by the commission. 262
(2) (a) The commission, at one time, or from time to time, 263
may declare by resolution the necessity for issuance of general 264
obligation bonds of the State of Mississippi to provide funds for 265
all costs incurred or to be incurred for the purposes described in 266
subsection (1) of this section. Upon the adoption of a resolution 267
by the Department of Finance and Administration, declaring the 268
necessity for the issuance of any part or all of the general 269
obligation bonds authorized by this section, the department shall 270
deliver a certified copy of its resolution or resolutions to the 271
commission. Upon receipt of such resolution, the commission is 272
authorized to proceed under the provisions of Section 1(6) of this 273
act. The total amount of bonds issued under this section shall 274
not exceed One Hundred Eighty Thousand Five Hundred Dollars 275
($180,500.00). No bonds shall be issued under this section after 276
July 1, 2030. 277
(b) Any investment earnings on amounts deposited into 278
the special fund created in subsection (1) of this section shall 279
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be used to pay debt service on bonds issued under this section, in 280
accordance with the proceedings authorizing issuance of such 281
bonds. 282
(3) The provisions of Section 1 of this act shall apply to 283
the issuance of bonds authorized under this section. 284
SECTION 4. (1) (a) (i) A special fund, to be designated 285
as the "2026 City of Cleveland Downtown Improvement Projects 286
Fund", is created within the State Treasury. The fund shall be 287
maintained by the State Treasurer as a separate and special fund, 288
separate and apart from the General Fund of the state. Unexpended 289
amounts remaining in the fund at the end of a fiscal year shall 290
not lapse into the State General Fund, and any interest earned or 291
investment earnings on amounts in the fund shall be deposited into 292
such fund. 293
(ii) Monies deposited into the fund shall be 294
disbursed, in the discretion of the Department of Finance and 295
Administration, as follows: 296
1. Not more than Thirty-seven Thousand Five 297
Hundred Dollars ($37,500.00) shall be used to assist the City of 298
Cleveland, Mississippi, in paying costs associated with 299
construction and development of a downtown pocket park in the City 300
of Cleveland; 301
2. Not more than Thirty-seven Thousand Five 302
Hundred Dollars ($37,500.00) shall be used to assist the City of 303
Cleveland, Mississippi, in paying costs associated with 304
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construction and development of a food truck park on or near North 305
Street in the City of Cleveland; 306
3. Not more than One Hundred Twenty-five 307
Thousand Dollars ($125,000.00) shall be used to assist the City of 308
Cleveland, Mississippi, in paying costs associated with 309
construction and development of a skate park on or near Court 310
Street in the City of Cleveland; 311
4. Not more than One Hundred Fifty Thousand 312
Dollars ($150,000.00) shall be used to assist the City of 313
Cleveland, Mississippi, in paying costs associated with repair and 314
renovation of and upgrades and improvements to facilities for a 315
community center and community kitchen in the City of Cleveland; 316
5. Not more than Fifty Thousand Dollars 317
($50,000.00) shall be used to assist the City of Cleveland, 318
Mississippi, in paying costs associated with development of a 319
mural on or along Kamien Way in the City of Cleveland; and 320
6. Not more than Forty Thousand Dollars 321
($40,000.00) shall be used to assist the City of Cleveland, 322
Mississippi, in paying costs associated with the installation of 323
electric vehicle charging stations in the downtown area of the 324
City of Cleveland. 325
(b) Amounts deposited into such special fund shall be 326
disbursed to pay the costs of the projects described in paragraph 327
(a) of this subsection. Promptly after the commission has 328
certified, by resolution duly adopted, that the projects described 329
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in paragraph (a) of this subsection shall have been completed, 330
abandoned, or cannot be completed in a timely fashion, any amounts 331
remaining in such special fund shall be applied to pay debt 332
service on the bonds issued under this section, in accordance with 333
the proceedings authorizing the issuance of such bonds and as 334
directed by the commission. 335
(2) (a) The commission, at one time, or from time to time, 336
may declare by resolution the necessity for issuance of general 337
obligation bonds of the State of Mississippi to provide funds for 338
all costs incurred or to be incurred for the purposes described in 339
subsection (1) of this section. Upon the adoption of a resolution 340
by the Department of Finance and Administration, declaring the 341
necessity for the issuance of any part or all of the general 342
obligation bonds authorized by this section, the department shall 343
deliver a certified copy of its resolution or resolutions to the 344
commission. Upon receipt of such resolution, the commission is 345
authorized to proceed under the provisions of Section 1(6) of this 346
act. The total amount of bonds issued under this section shall 347
not exceed Four Hundred Forty Thousand Dollars ($440,000.00). No 348
bonds shall be issued under this section after July 1, 2030. 349
(b) Any investment earnings on amounts deposited into 350
the special fund created in subsection (1) of this section shall 351
be used to pay debt service on bonds issued under this section, in 352
accordance with the proceedings authorizing issuance of such 353
bonds. 354
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(3) The provisions of Section 1 of this act shall apply to 355
the issuance of bonds authorized under this section. 356
SECTION 5. (1) (a) (i) A special fund, to be designated 357
as the "2026 City of Cleveland Parks and Recreation Improvements 358
Fund", is created within the State Treasury. The fund shall be 359
maintained by the State Treasurer as a separate and special fund, 360
separate and apart from the General Fund of the state. Unexpended 361
amounts remaining in the fund at the end of a fiscal year shall 362
not lapse into the State General Fund, and any interest earned or 363
investment earnings on amounts in the fund shall be deposited into 364
such fund. 365
(ii) Monies deposited into the fund shall be 366
disbursed, in the discretion of the Department of Finance and 367
Administration, as follows: 368
1. Not more than Fifty Thousand Dollars 369
($50,000.00) shall be used to assist the City of Cleveland, 370
Mississippi, in paying costs associated with construction, repair, 371
renovation, replacement and improvement of and upgrades and 372
additions to the parking lot and related areas at the Amzie Moore 373
Park baseball facility; 374
2. Not more than One Hundred Eighty Thousand 375
Dollars ($180,000.00) shall be used to assist the City of 376
Cleveland, Mississippi, in paying costs associated with the 377
installation of air conditioning and other HVAC equipment and 378
systems at the Park Commission Gym; 379
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3. Not more than One Hundred Ninety-four 380
Thousand Dollars ($194,000.00) shall be used to assist the City of 381
Cleveland, Mississippi, in paying costs associated with 382
construction, repair, renovation, replacement and improvement of 383
and upgrades and additions to equipment, facilities, grounds and 384
infrastructure at Anderson Park and Fireman's Park; 385
4. Not more than Fifty-six Thousand Dollars 386
($56,000.00) shall be used to assist the City of Cleveland, 387
Mississippi, in paying costs associated with the repair and 388
renovation of and upgrades and improvements to restrooms and 389
concession stands at the Armory; 390
5. Not more than Twenty-five Thousand Dollars 391
($25,000.00) shall be used to assist the City of Cleveland, 392
Mississippi, in paying costs associated with construction and 393
installation of a new fence around the Fireman's Park baseball 394
field; and 395
6. Not more than Fourteen Thousand Dollars 396
($14,000.00) shall be used to assist the City of Cleveland, 397
Mississippi, in paying costs associated with the trimming and 398
removal of damaged trees at the Armory. 399
(b) Amounts deposited into such special fund shall be 400
disbursed to pay the costs of the projects described in paragraph 401
(a) of this subsection. Promptly after the commission has 402
certified, by resolution duly adopted, that the projects described 403
in paragraph (a) of this subsection shall have been completed, 404
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abandoned, or cannot be completed in a timely fashion, any amounts 405
remaining in such special fund shall be applied to pay debt 406
service on the bonds issued under this section, in accordance with 407
the proceedings authorizing the issuance of such bonds and as 408
directed by the commission. 409
(2) (a) The commission, at one time, or from time to time, 410
may declare by resolution the necessity for issuance of general 411
obligation bonds of the State of Mississippi to provide funds for 412
all costs incurred or to be incurred for the purposes described in 413
subsection (1) of this section. Upon the adoption of a resolution 414
by the Department of Finance and Administration, declaring the 415
necessity for the issuance of any part or all of the general 416
obligation bonds authorized by this section, the department shall 417
deliver a certified copy of its resolution or resolutions to the 418
commission. Upon receipt of such resolution, the commission is 419
authorized to proceed under the provisions of Section 1(6) of this 420
act. The total amount of bonds issued under this section shall 421
not exceed Five Hundred Nineteen Thousand Dollars ($519,000.00). 422
No bonds shall be issued under this section after July 1, 2030. 423
(b) Any investment earnings on amounts deposited into 424
the special fund created in subsection (1) of this section shall 425
be used to pay debt service on bonds issued under this section, in 426
accordance with the proceedings authorizing issuance of such 427
bonds. 428
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ST: Bonds; authorize issuance for various
projects in Bolivar County.
(3) The provisions of Section 1 of this act shall apply to 429
the issuance of bonds authorized under this section. 430
SECTION 6. This act shall take effect and be in force from 431
and after July 1, 2026. 432