MS SB3024

Authorizes issuance of up to $6,500,000 in state general obligation bonds to fund repair, rehabilitation, construction, reconstruction, upgrading and improvement of an existing railroad line running approximately 175 miles from Southaven to near Canton, Mississippi.

Creates the "2011 Railroad Improvements Fund" as a special fund within the State Treasury to receive bond proceeds and disburse funds under direction of the Mississippi Development Authority.

Establishes that bonds may not be issued after July 1, 2014, with principal and interest payable over a period not to exceed 25 years from date of issue.

Pledges the full faith and credit of the State of Mississippi to guarantee payment of bonds; any shortfall in appropriated funds shall be paid by the State Treasurer from available treasury funds.

Declares bonds exempt from Mississippi state taxation and establishes them as legal investments for trustees, fiduciaries, banks, and insurance companies.