MS HB1627

Authorizes issuance of up to $3,000,000 in state general obligation bonds to fund repairs, upgrades, and improvements to runways, terminals, hangars, and related facilities at Trent Lott International Airport in Jackson County, Mississippi.

Creates a special fund designated "2012 Trent Lott International Airport Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for airport improvement projects under direction of the Department of Finance and Administration.

Bonds may be issued at any time up to July 1, 2016, with maturity dates not to exceed 25 years from issue, and may be redeemed before maturity at terms determined by the State Bond Commission.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment, with any shortfall to be paid from the State Treasury; unused funds in the special airport fund shall be applied to debt service on the bonds after projects are completed.

Bonds are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, and financial institutions in Mississippi.