MS HB1637

Authorizes the issuance of $20,000,000 in state general obligation bonds to fund the Local System Bridge Replacement and Rehabilitation Fund created under Section 65-37-13.

Grants the State Bond Commission authority to act as issuing agent, determine bond terms (interest rates not exceeding limits in Section 75-17-101), maturity dates (up to 25 years), and sale method (sealed bid or negotiated sale).

Pledges the full faith and credit of Mississippi to repay bonds, with any insufficient appropriated funds to be covered by the State Treasurer from the general treasury.

Requires bond proceeds to be deposited into the Local System Bridge Replacement and Rehabilitation Fund and disbursed only by order of the Department of Finance and Administration under restrictions in the issuance resolution.

Exempts bonds and income from state taxation and establishes bonds as legal investments for trustees, fiduciaries, savings banks, and insurance companies in Mississippi.