MS HB1421

Authorizes issuance of state general obligation bonds not exceeding $5,500,000 to fund construction, furnishing, and equipping of a new Highway Safety Patrol substation in Leflore County in District 2.

Creates a special fund called the "2011 District 2 Highway Safety Patrol Substation Construction Fund" within the State Treasury to receive bond proceeds and manage expenditures under the Department of Finance and Administration.

Grants the State Bond Commission authority to determine bond terms including interest rates (subject to state limits), maturity dates (not exceeding 25 years), denominations, and redemption provisions.

Pledges the full faith and credit of Mississippi to repay bonds; requires the State Treasurer to pay any shortfall from general treasury funds if legislative appropriations are insufficient.

Exempts bonds and their income from all state taxation and authorizes their use as legal investments for fiduciaries, banks, and insurance companies.