MS HB1645

Authorizes issuance of state general obligation bonds not to exceed $9,400,000 to fund repairs, upgrades, additions, and improvements to the Port of Vicksburg in Warren County, Mississippi.

Creates the "2012 Port of Vicksburg Improvements Fund" as a special fund within the State Treasury to receive bond proceeds and disburse funds for authorized port improvements.

Bonds must be issued by July 1, 2016, with a maximum maturity of 25 years from date of issue and interest rates not exceeding limits in Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment; any deficiency in appropriated funds shall be paid from the State Treasury.

Bond proceeds and income are exempt from state taxation, and the State Treasurer is authorized to issue warrants for principal and interest payments as they become due.