MS SB3099

Authorizes issuance of up to $2,000,000 in general obligation bonds by the State Bond Commission to fund construction of a new spillway and dam at Lake Mary in Wilkinson County, Mississippi.

Creates a special "2010 Lake Mary Spillway and Dam Repair Fund" within the State Treasury to receive bond proceeds and disburse funds to the Department of Wildlife, Fisheries and Parks for project costs including temporary dam construction, riprap removal, spillway and embankment construction, and engineering services.

Bonds shall mature within 25 years, bear interest at rates not exceeding statutory limits, and be sold at public sealed bid with notice published at least 10 days before sale in Jackson and national financial publications.

Pledges the full faith and credit of Mississippi to back the bonds; if legislative appropriations are insufficient, the State Treasurer shall cover deficiencies from available state funds.

Bonds and income therefrom are exempt from state taxation and shall be legal investments for trustees, fiduciaries, banks, and insurance companies organized under Mississippi law.