MS HB355

Authorizes issuance of state general obligation bonds not to exceed $45,000,000 to assist Hinds County in construction and development of the Byram-Clinton Parkway project.

Creates a special fund called the "2012 Byram-Clinton Parkway Project Construction Fund" within the State Treasury to receive and disburse bond proceeds for project costs.

Bonds may be issued at any time until July 1, 2016, with maturity dates not exceeding 25 years from issuance, and interest rates within statutory limits.

Full faith and credit of the State of Mississippi is pledged to guarantee bond payments; any insufficient funds shall be paid from the State Treasury.

Remaining funds after project completion shall be applied to bond debt service, and bond income is exempt from state taxation.