Bonds; authorize issuance to assist the Thrasher Water Association with water system improvements.
The act establishes a special fund within the State Treasury, known as the '2022 Thrasher Water Association Improvements Fund'. This fund will be separate from the state's general fund and unspent amounts at the end of a fiscal year will not lapse, ensuring continuous availability of resources for the water association’s projects. This initiative aims to enhance the reliability and quality of water service in the community it serves, addressing both immediate and long-term infrastructure needs.
House Bill 1669 is a legislative act designed to authorize the issuance of state general obligation bonds. The purpose of these bonds is to provide funding that will assist the Thrasher Water Association located in Prentiss County, Mississippi. The funds from the bonds will be specifically allocated for the costs associated with the construction, repair, replacement, expansion, and upgrade of the water system and related infrastructure managed by the Thrasher Water Association.
A notable aspect of HB1669 is the limitation on the total amount of bonds issued, capped at $1,486,550. It mandates that any issuance of bonds must occur before July 1, 2026, creating a framework for transparent financial management. This structured approach could streamline the use of funds and improve accountability regarding the financial commitments made by the state on behalf of the Thrasher Water Association.
Furthermore, the provisions in the bill stipulate that all bonds issued will be exempt from state taxation and classified as legal investments for various fiduciaries and financial institutions. The act is positioned as a supportive measure to enhance community water services while also embedding accountability and regulatory compliance into the bond issuance process.