MS SB3018

Authorizes the State Bond Commission to issue general obligation bonds up to $2,000,000 to fund drainage projects in Ocean Springs, Mississippi.

Creates a special "2011 Ocean Springs Drainage Project Fund" within the State Treasury to receive bond proceeds and disburse funds for drainage projects as designated by the City of Ocean Springs.

Bonds may have a maturity of up to 25 years, bear interest rates not exceeding limits in Mississippi Code Section 75-17-101, and may be sold by public bidding or negotiated sale.

Pledges the full faith and credit of the State of Mississippi to back the bonds, with any insufficiency in appropriated funds to be paid from the State Treasury.

Bond proceeds and income from the bonds are exempt from all state taxation.