MS HB1555

Authorizes issuance of state general obligation bonds not to exceed $2,500,000 to fund improvements to portions of Grierson Road in Jackson County, Mississippi.

Establishes a special "2012 Grierson Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for road construction, upgrades, and improvements under the Department of Finance and Administration's discretion.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, and cannot be issued after July 1, 2016.

Pledges the full faith and credit of the State of Mississippi to guarantee bond payments; any insufficient appropriated funds must be paid by the State Treasurer from unappropriated treasury funds.

Provides that bonds are legal investments for trustees, fiduciaries, banks, and insurance companies in Mississippi, and bond income is exempt from state taxation.