MS HB1628

Authorizes issuance of state general obligation bonds not to exceed $500,000 to fund costs associated with developing plans, routes, and obtaining permits for water, wastewater, power, and other infrastructure improvements at the Helena Industrial Site in Jackson County, Mississippi.

Creates a special fund designated as the "2012 Helena Industrial Site Improvements Fund" within the State Treasury to receive bond proceeds and any interest earnings, with funds to be disbursed by the Department of Finance and Administration.

Bonds mature within 25 years of issue, bear interest at rates not exceeding limits set by Mississippi law, and may be called for redemption at the state's option; no bonds may be issued after July 1, 2016.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with the State Treasurer authorized to pay principal and interest from any available state funds if appropriations prove insufficient.

Upon project completion or abandonment, any remaining fund balance shall be applied to pay debt service on the bonds; bond income is exempt from all Mississippi state taxation.