MS HB1544

Increases the amount of state general obligation bonds authorized for the Local Governments and Rural Water Systems Improvements Revolving Loan Fund from $28,843,000 to $30,143,000

Proceeds from bond sales are to be deposited in the revolving fund ($30,143,000) and emergency fund ($5,000,000) for water system construction and repairs

State Bond Commission authorized to issue, sell, and manage the bonds through sealed bids or negotiated sales, with bonds maturing no later than 25 years from issuance

Bonds are general obligations of the State of Mississippi backed by full faith and credit, with principal and interest payable from state appropriations or general treasury funds if needed

Bond proceeds and earnings are exempt from state taxation and may only be used for purposes established under Section 41-3-16 related to water system improvements