MS HB1541

Authorizes issuance of $10,000,000 in state general obligation bonds for grants to municipalities with populations of 50,000 or less for replacement and rehabilitation of deficient bridges and safety-related road improvements.

Creates the "Small Municipality Bridge and Road Safety Fund" in the State Treasury to receive bond proceeds, with unexpended amounts not lapsing to the General Fund and interest earnings deposited back into the fund.

Grants the Office of State Aid Road Construction authority to develop a grant program, disburse funds from the special fund, and accept federal and local matching funds for eligible projects.

Bonds mature within 20 years, bear interest at rates not exceeding legal limits, and are sold at public auction with notice published at least 10 days before sale; bonds are general obligations backed by the full faith and credit of Mississippi.

Establishes deadline of July 1, 2021 for bond issuance and requires that unused monies after four years be applied to debt service; bonds are exempt from state taxation and qualify as legal investments for trustees and fiduciaries.