MS HB1515

Authorizes issuance of $5,000,000 in general obligation bonds to fund the Mississippi Watershed Repair and Rehabilitation Cost-Share Program, with all bonds to be issued by July 1, 2016.

Bonds are general obligations of Mississippi with full faith and credit of the state pledged for payment; interest rates cannot exceed limits in Section 75-17-101 and bonds mature within 25 years.

Bond proceeds deposited into special fund administered by Mississippi Soil and Water Conservation Commission for assisting local watershed districts in repairing or removing water impoundment structures built with federal funding under Public Law 534 and 566.

Commission authorized to sell bonds via sealed bids at public sale or negotiated sale; all costs of issuance and sale paid from bond proceeds; investment earnings used for debt service.

Amends Section 51-37-3 to allow commission to receive and expend proceeds from these bonds alongside existing appropriations and federal funds, with unexpended amounts not lapsing into General Fund.