MS SB2698

Authorizes issuance of $20,000,000 in state general obligation bonds to fund the Local System Bridge Replacement and Rehabilitation Program.

Bond proceeds shall be deposited into the Local System Bridge Replacement and Rehabilitation Fund and used solely for bridge replacement and rehabilitation projects under Sections 65-37-1 through 65-37-15.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state, with principal and interest payable from appropriated funds or the State Treasury if insufficient.

Bonds may mature up to 25 years from issuance, with interest rates not to exceed limits set in Section 75-17-101, and may be sold by sealed bid at public sale or through negotiated sale.

Amends Section 65-37-13 to clarify that the Local System Bridge Replacement and Rehabilitation Fund consists of legislative appropriations and bond proceeds designated for deposit into the fund.