MS SB2362

Authorizes issuance of $4,000,000 in state general obligation bonds to fund the Mississippi Watershed Repair and Rehabilitation Cost-Share Program, with all bonds to be issued by July 1, 2014.

Bonds mature within 25 years, bear interest rates not exceeding limits in Section 75-17-101, and are sold at public auction for not less than par value plus accrued interest.

Full faith and credit of Mississippi pledged to bond repayment; State Treasurer authorized to issue warrants from any non-appropriated state funds if appropriated amounts prove insufficient.

Bonds and income are exempt from all taxation in Mississippi and are legal investments for trustees, fiduciaries, banks, trust companies, and insurance companies.

Amends Section 51-37-3 to authorize Mississippi Soil and Water Conservation Commission to receive and expend bond proceeds for cost-share assistance to watershed districts repairing or removing water impoundment structures originally funded under federal Public Law 534 and Public Law 566.