MS HB1626

Authorizes issuance of up to $2,000,000 in state general obligation bonds to fund costs associated with rerouting the Mississippi Export Railroad Company main rail line in Jackson County.

Creates the "2012 Mississippi Export Railroad Company Rail Line Rerouting Fund" as a separate special fund within the State Treasury to receive bond proceeds and disburse funds for the rerouting project.

Bonds may be issued by the State Bond Commission at any time before July 1, 2016, with maturities not exceeding 25 years and interest rates subject to state law limits.

Any remaining funds in the special fund after project completion, abandonment, or determination that timely completion is impossible shall be applied toward debt service on the issued bonds.

Bonds are general obligations of Mississippi backed by the full faith and credit of the state; investment earnings on fund amounts shall be used for bond debt service.