MS HB1519

Increases the total amount of general obligation bonds that may be issued from the previous authorization to $20,500,000.00 for the Supplementary Rural Fire Truck Fund and the Rural Fire Truck Fund.

Allocates $6,280,000.00 of bond proceeds to the Supplementary Rural Fire Truck Fund and $14,220,000.00 to the Rural Fire Truck Fund.

Extends the authority to issue these bonds until July 1, 2013 (previously had an earlier expiration date).

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with the State Treasurer required to pay any deficiencies from available state funds.

Bonds are exempt from Mississippi taxation and may be sold through sealed bids at public sale or by negotiated sale, with proceeds disbursed by the Department of Finance and Administration under specified restrictions.