MS HB1443

Authorizes the State Bond Commission to issue up to $1,000,000 in general obligation bonds to assist the City of Jackson with road and street repair, construction, reconstruction, and resurfacing projects near state grounds and lands.

Creates the "2011 City of Jackson Road and Street Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible projects under discretion of the Department of Finance and Administration.

Bonds cannot be issued after July 1, 2015, and have a maximum maturity of 25 years from the date of issue with interest rates not to exceed limits set in Section 75-17-101, Mississippi Code of 1972.

Pledges the full faith and credit of the State of Mississippi for bond repayment, with any deficiency to be paid from the State Treasury; bonds are exempt from state taxation and qualify as legal investments for trustees and fiduciaries.

Any remaining fund balance after project completion or abandonment shall be applied to pay debt service on the bonds, and investment earnings on the fund shall be used for debt service payments.