MS SB2824

Creates the Mississippi Railroad Improvements Fund in the State Treasury to receive monies from any source, with unexpended amounts carried forward annually and investment earnings credited to the fund.

Authorizes the Mississippi Transportation Commission to administer the fund and establish a grant program for railroad repairs, rehabilitation, construction, upgrading, and safety improvements to rail lines, beds, and bridges.

Grants the Mississippi Transportation Commission discretionary authority to award grants, establish matching fund requirements, evaluate applications, and promulgate rules necessary to implement and administer the program.

Authorizes the Mississippi Transportation Commission to declare by resolution the necessity for issuing up to $5,000,000 in general obligation bonds for the railroad improvements fund, with bonds backed by the full faith and credit of the State.

Establishes that bonds cannot be issued after July 1, 2015, may mature up to 25 years from issuance, and are tax-exempt; bond proceeds must be deposited into the Mississippi Railroad Improvements Fund.