MS HB1538

Authorizes issuance of up to $500,000 in state general obligation bonds to fund repair, rehabilitation, construction, reconstruction, upgrading, and improvement of Oakland School Road Bridge in Alcorn County, Mississippi.

Creates a special fund designated "2011 Oakland School Road Bridge Repair Fund" within the State Treasury to receive bond proceeds and any local or other source funds for project costs.

Bonds may not be issued after July 1, 2014, and shall mature within 25 years from date of issue at interest rates not exceeding limits set in Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to pay bonds; if appropriated funds are insufficient, the State Treasurer shall pay deficiencies from other available state funds.

Bonds and investment earnings are exempt from state taxation and shall be legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies in Mississippi.