MS SB3019

Authorizes the State Bond Commission to issue up to $500,000 in general obligation bonds for replacing bridge #02-91 on Oakland School Road in Alcorn County, Mississippi.

Creates the "2011 Oakland School Road Bridge Replacement Fund" as a separate fund in the State Treasury to receive bond proceeds and any investment earnings.

Bonds may mature in up to 25 years with interest rates not exceeding limits in Section 75-17-101 of Mississippi Code; the State pledges its full faith and credit for repayment.

Authorizes the State Bond Commission to determine bond terms, sale method, and prescribe form; allows sale by public sealed bids or negotiated sale.

Bonds and income therein are exempt from Mississippi state taxation and are legal investments for trustees, fiduciaries, banks, and insurance companies in the state.