MS HB1433

Authorizes the issuance of $20,000,000 in state general obligation bonds to fund the Local System Bridge Replacement and Rehabilitation Fund.

Grants the State Bond Commission authority to issue, sell, and manage the bonds through public bid or negotiated sale, with interest rates not exceeding limits set by Mississippi Code Section 75-17-101.

Bonds shall mature within 25 years from issuance and proceeds must be deposited into and disbursed solely through the Local System Bridge Replacement and Rehabilitation Fund under Department of Finance and Administration direction.

Pledges the full faith and credit of Mississippi to bond payments; requires State Treasurer to certify necessary warrants and Department of Finance and Administration to issue them for principal, interest, and premium payments when due.

Bonds are exempt from Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies; effective upon passage.