MS HB1553

Increases the maximum amount of general obligation bonds that may be issued for the Rural Fire Truck Fund and Supplementary Rural Fire Truck Fund from previous authorization to $21,070,000.00 total.

Allocates $5,500,000.00 of bond proceeds to the Supplementary Rural Fire Truck Fund and $15,570,000.00 to the Rural Fire Truck Fund.

Requires all bonds to be issued by July 1, 2013, with a maximum maturity of 25 years from the date of issue.

Establishes that bonds are general obligations of Mississippi backed by the full faith and credit of the state, with the state treasurer required to cover any shortfalls from the general treasury.

Declares bond income exempt from all Mississippi state taxation and authorizes the State Bond Commission to manage bond issuance, sale, and delivery.