MS HB1316

Creates the Mississippi Railroad Improvements Fund as a special fund in the State Treasury to receive monies from any source, with unexpended balances not lapsing at fiscal year-end.

Authorizes the Mississippi Transportation Commission to administer the fund and establish a grant program to assist with repair, rehabilitation, construction, and improvement of railroad lines and related facilities.

Allows the Mississippi Transportation Commission to declare by resolution the necessity for issuing general obligation bonds up to $5,000,000 to fund the railroad improvements program, with all bonds to be issued by July 1, 2015.

Permits the Transportation Commission to use up to 3 percent of bond proceeds to reimburse reasonable actual and necessary costs incurred in administering grants from the fund.

Bonds issued under this section are general obligations of the State of Mississippi backed by full faith and credit, with interest exempt from state taxation and bonds maturing within 25 years of issuance.