MS SB2999

Authorizes issuance of $3,640,000 in state general obligation bonds to provide matching funds for federal funds in the Water Pollution Control Revolving Fund.

Bonds shall be signed by the State Bond Commission chairman and may mature up to 25 years from date of issue, with interest rates not exceeding limits in Section 75-17-101, Mississippi Code of 1972.

Bond proceeds shall be deposited into the Water Pollution Control Revolving Fund and used solely for water pollution control projects as established by the Commission on Environmental Quality.

Authorizes interest and investment earnings on money in the Water Pollution Control Revolving Fund to be used to pay principal and interest on the authorized bonds as they become due.

Amends Section 49-17-85 to allow fund earnings to cover bond debt service; full faith and credit of the State of Mississippi is pledged for bond repayment, with any deficiency paid from the State Treasury.