MS HB1585

Authorizes issuance of up to $20,000,000 in state general obligation bonds to fund the Local System Bridge Replacement and Rehabilitation Fund.

Bonds shall mature within 25 years from date of issue and bear interest rates not exceeding limits set forth in Mississippi Code Section 75-17-101.

Proceeds from bond sales shall be deposited into the Local System Bridge Replacement and Rehabilitation Fund and disbursed by the Department of Finance and Administration for bridge replacement and rehabilitation projects.

Bonds are general obligations of Mississippi with full faith and credit of the State pledged for payment; bonds and income are exempt from Mississippi state taxation.

Amends Section 65-37-13 to include bond proceeds as a funding source for the bridge fund alongside legislative appropriations, with exemptions from mandatory appropriations during fiscal years 2003-2010.