MS HB1536

Authorizes issuance of $20,000,000 in state general obligation bonds for the Local System Bridge Replacement and Rehabilitation Fund to support bridge replacement and rehabilitation projects.

Authorizes issuance of an additional $20,000,000 in state general obligation bonds for the County Bridge and Road Safety Fund to provide grants to counties for replacing deficient bridges and making safety improvements to county roads.

Establishes the County Bridge and Road Safety Fund as a special fund within the State Treasury, with unused monies reverting to debt service on bonds if projects are not completed within four years.

Grants the State Bond Commission authority to issue bonds, determine sale methods, prescribe bond forms, and manage all aspects of bond issuance and sale up to the specified amounts.

Bonds mature within 25 years, are general obligations of Mississippi backed by full faith and credit of the state, are tax-exempt, and may not be issued after July 1, 2015.