MS SB2944

Authorizes issuance of general obligation bonds not to exceed $800,000 to fund repairs to 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 as a separate special fund to receive bond proceeds and disburse funds for the specified bridge repair projects.

Bonds may be issued at any time until July 1, 2013, with maturity dates not to exceed 25 years, interest rates subject to state law limits, and full faith and credit of the State pledged for repayment.

State Bond Commission acts as issuing agent with authority to prescribe bond form, advertise for bids, sell bonds at public sale for not less than par plus accrued interest, and publish notice at least 10 days before sale.

Any unexpended funds or interest earnings in the special fund shall be applied to pay debt service on the bonds once projects are completed, abandoned, or cannot be completed in a timely fashion.