MS SB2108

Authorizes issuance of general obligation bonds not to exceed $200,000,000 to acquire rights-of-way and conduct environmental studies for four-laning Mississippi Highway 15 from U.S. Highway 78 to the Tennessee state line.

Creates the "Mississippi Highway 15 Right-of-way Fund" within the State Treasury to be maintained separately from the General Fund, with expenditures directed by the Mississippi Transportation Commission.

Bonds may mature up to 25 years from issuance with interest rates set by the State Bond Commission, sold at public sealed bid with notice published in Jackson and national financial publications.

Full faith and credit of the State of Mississippi is pledged to secure bonds; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from unappropriated treasury funds.

Bonds are exempt from state taxation and constitute legal investments for trustees, fiduciaries, banks, and insurance companies; law becomes effective July 1, 2010.