MS HB1695

Authorizes issuance of general obligation bonds not to exceed $800,000 to fund repairs of a bridge on County Road 346 in Alcorn County and a bridge on County Road 50 in Tishomingo County.

Creates a "2010 Bridge Repair Fund" within the State Treasury to receive bond proceeds and any interest earned, with unexpended amounts remaining in the fund rather than lapsing to the General Fund.

Establishes that the State Bond Commission may issue bonds at any time with maturities up to 25 years, with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2013.

Pledges the full faith and credit of the State of Mississippi to pay principal and interest on the bonds, with the State Treasurer required to cover any deficiency from unappropriated state funds.

Exempts bonds and income from bonds from all state taxation and designates them as legal investments for trustees, fiduciaries, and financial institutions in Mississippi.