MS HB1537

Authorizes issuance of up to $800,000 in state general obligation bonds to fund repairs to a bridge on County Road 346 in Alcorn County and a bridge on County Road 50 in Tishomingo County.

Creates the "2011 Alcorn and Tishomingo Counties Bridge Repair Fund" as a special fund in the State Treasury, maintained separately from the General Fund, with unexpended amounts and interest earnings retained in the fund.

Grants the State Bond Commission authority to issue and sell bonds, determine sale methods, prescribe bond forms, and manage all aspects of bond issuance and delivery, with no bonds to be issued after July 1, 2014.

Establishes that bonds shall be general obligations of Mississippi with full faith and credit pledge, bear interest not exceeding limits in Section 75-17-101, mature within 25 years, and be exempt from state taxation.

Directs the Department of Finance and Administration to disburse funds for bridge repair costs, with any remaining amounts applied to debt service on bonds after projects are completed, abandoned, or deemed unable to be completed timely.