MS SB3177

Authorizes issuance of $2,470,000 in state general obligation bonds to provide matching funds for federal funding of the Water Pollution Control Revolving Fund.

Bonds may be issued by the State Bond Commission with terms up to 25 years, bearing interest rates not to exceed limits in Mississippi Code Section 75-17-101, and sold through sealed bids or negotiated sale.

Principal and interest on bonds shall be paid using interest and investment earnings from the Water Pollution Control Revolving Fund, with any deficiency paid by the State Treasurer from general state funds.

Amends Section 49-17-85 to authorize use of interest and investment earnings from the Water Pollution Control Revolving Fund to pay debt service on bonds issued under this act.

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