MS SB2691

Authorizes the State Bond Commission to issue general obligation bonds not exceeding $5,500,000 to fund construction of a new Highway Patrol substation in Leflore County in Highway Safety Patrol District 2.

Creates a special fund designated "2011 District 2 Highway Safety Patrol Substation Construction Fund" within the State Treasury to receive bond proceeds and manage expenditures for the project.

Bonds shall mature within 25 years, bear interest rates not exceeding limits in Section 75-17-101 of Mississippi Code, and be backed by the full faith and credit of the State of Mississippi.

Bonds are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies operating in Mississippi.

Any remaining funds after project completion shall be applied to pay debt service on the bonds, with proceeds used solely for construction costs and expenses related to bond issuance and sale.