MS HB1533

Authorizes issuance of up to $3,000,000 in state general obligation bonds to assist the Rail Authority of East Mississippi with development and construction of the East Mississippi Intermodal Railroad and related facilities in Wayne, Greene, and George Counties.

Creates a special fund called the "2011 East Mississippi Intermodal Railroad Fund" within the State Treasury to be managed by the Mississippi Development Authority for disbursing bond proceeds to the rail authority.

Bonds may be issued at one time or over multiple issuances, with a final deadline of July 1, 2014, and may have maturity periods up to 25 years from the date of issue.

Remaining funds in the special fund after project completion, abandonment, or determination that timely completion is impossible shall be applied to pay debt service on the bonds.

Bonds are full general obligations of the State of Mississippi backed by the state's full faith and credit, are exempt from state taxation, and are legal investments for trustees, fiduciaries, banks, and insurance companies in the state.