MS SB3029

Authorizes issuance of up to $2,000,000 in state general obligation bonds to assist the City of Meridian, Mississippi with costs of repairing storm drainage infrastructure.

Creates a special fund designated "2011 City of Meridian Storm Drainage Infrastructure Repair Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible projects.

Grants the State Bond Commission authority to determine bond terms including interest rates (not exceeding statutory limits), maturity dates (not to exceed 25 years), and sale method, with no bonds to be issued after July 1, 2015.

Pledges the full faith and credit of the State of Mississippi to repay bond principal and interest, with any shortfall paid from the State Treasury; bonds are exempt from state taxation and qualify as legal investments for fiduciaries and financial institutions.

Any remaining funds after project completion shall be applied to pay debt service on the bonds, and investment earnings from the fund shall be used for debt service payments.