House Bill 1560 Summary

• Authorizes issuance of up to $300,000,000 in general obligation bonds by the Mississippi Transportation Commission for highway and bridge improvements, with no bonds issued after July 1, 2020.

• Allocates bond proceeds: up to $100,000,000 for state bridge replacement/rehabilitation, up to $180,000,000 for high-priority highway projects, and up to $20,000,000 for county bridge grants and safety improvements.

• Creates three separate special funds to hold bond proceeds: State Highway System Bridge Rehabilitation Fund, Vision 21 High Priority Projects Fund, and County Bridge and Road Safety Fund.

• Establishes the 2010 Mississippi Department of Transportation Improvements Bond Sinking Fund, funded by $833,333.33 monthly deposits from motor fuel tax revenues from August 2010 through August 2020 to pay bond debt service.

• Amends Section 27-5-101 to redirect portion of motor fuel tax collections to the new bond sinking fund; provides that at least 10% of bridge project expenditures shall go to small businesses owned by socially and economically disadvantaged individuals.