MS SB2402

Authorizes issuance of general obligation bonds not to exceed $200,000,000 to fund acquisition of rights-of-way and environmental studies for four-laning Mississippi Highway 15 from U.S. Highway 78 to the Tennessee state line.

Creates the "Mississippi Highway 15 Right-of-way Fund" as a separate fund within the State Treasury, managed by the Mississippi Transportation Commission and maintained by the State Treasurer.

State Bond Commission acts as issuing agent with authority to determine bond terms, interest rates (subject to statutory limits), maturity dates (not exceeding 25 years), and sale methods through public or negotiated sale.

Bonds are full faith and credit general obligations of Mississippi with principal and interest payable from appropriated funds or State Treasury; investment earnings from the fund shall be used for debt service.

Upon project completion or abandonment, any remaining fund balance shall be applied to pay debt service; bonds and income are exempt from Mississippi taxation and become effective July 1, 2011.