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MS HB822
Bill
Status
Failed
2/24/2010
Primary Sponsor
Warner McBride
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AI Summary
- Authorizes issuance of up to $20,000,000 in state general obligation bonds to fund the Local System Bridge Replacement and Rehabilitation Fund for county bridge projects
- Bonds may have a maximum maturity of 25 years and are backed by the full faith and credit of Mississippi
- Bond proceeds must be deposited into the Local System Bridge Replacement and Rehabilitation Fund and used solely for bridge replacement and rehabilitation purposes
- Amends existing law to exempt the 2010 legislative session from the requirement to appropriate $20,000,000 to the fund when revenue growth exceeds 2%
- Bonds and income from them are exempt from all Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, and financial institutions
Legislative Description
Local System Bridge Replacement and Rehabilitation Fund; authorize issuance of general obligation bonds to provide funds for.
Last Action
Died In Committee
2/24/2010
Full Bill Text
No bill text available