MS HB1596

Authorizes issuance of state general obligation bonds not to exceed $2,000,000 to fund construction of a new spillway and dam at Lake Mary in Wilkinson County, Mississippi.

Creates the "2010 Lake Mary Spillway and Dam Repair Fund" within the State Treasury to receive bond proceeds and disburse funds to the Department of Wildlife, Fisheries and Parks for spillway construction, temporary dam and diversion canal, riprap removal, road access, and engineering costs.

Grants the State Bond Commission authority to determine bond terms including interest rates (not exceeding limits in Section 75-17-101), maturity dates (not exceeding 25 years), and sale method through sealed bids or negotiated sale.

Pledges the full faith and credit of the State of Mississippi for bond repayment, with any insufficient appropriated funds to be covered by the State Treasurer from unappropriated general treasury funds.

Exempts bonds and their income from all Mississippi state taxation and designates them as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies.