AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO ASSIST DELTA ADVANTAGE CENTER IN PAYING COSTS ASSOCIATED WITH PURCHASING A C-MODEL TRUCK MOBILE MARKET AND RELATED EQUIPMENT, AND FOOD STAGING AND PREPARATORY PURPOSES; AND FOR RELATED PURPOSES.
House Bill 1776 authorizes the State of Mississippi to issue up to $300,000 in general obligation bonds to help the Delta Advantage Center pay for a C-Model Truck mobile market, related equipment, and food staging and preparatory needs. The bill creates a special fund in the State Treasury, the "2026 Delta Advantage Center Equipment Fund," into which bond proceeds would be deposited and from which the Department of Finance and Administration would disburse money for the specified project costs.
The measure sets out standard state bond terms and procedures, including issuance by the State Bond Commission, maturity of up to 25 years, possible sale by public bid or negotiation, and validation in Hinds County Chancery Court. It also pledges the full faith and credit of the state to repay the bonds, makes the bonds and their income tax-exempt in Mississippi, and requires any remaining fund balance after project completion or abandonment to be used for debt service. The act would take effect July 1, 2026, and no bonds could be issued after July 1, 2030.
HB1776 would add a new state debt authorization for a specific local or nonprofit-related project by creating a dedicated special fund and allowing the State Bond Commission to issue general obligation bonds for that purpose. It would not broadly amend program law, but it would create a new financing mechanism within Mississippi bond law and commit state credit to repayment. The bill affects the State Bond Commission, the Department of Finance and Administration, the State Treasurer, and Delta Advantage Center, while also establishing tax treatment, investment status, and enforcement provisions for the bonds.
Based on the bill text and the absence of recorded committee debate or votes in the provided materials, the bill appears to be presented as a straightforward capital-financing measure rather than a controversial policy change. The language is technical and administrative, suggesting routine support for a targeted project. No opposing arguments, amendments, or recorded vote patterns are available in the provided context.
The main potential point of contention is the use of state general obligation debt for a narrowly targeted project benefiting Delta Advantage Center, which means taxpayers ultimately back the repayment through the state's full faith and credit. Another possible issue is whether public bond financing is appropriate for a mobile market and related food-preparation equipment, as opposed to other funding sources. However, no specific objections, supporters, or committee disputes are included in the provided record.