MS SB2926

Authorizes the issuance of $5,000,000 in state general obligation bonds for the Mississippi Watershed Repair and Rehabilitation Cost-Share Program administered by the Mississippi Soil and Water Conservation Commission.

Bonds may be issued at one time or over time before July 1, 2016, with maturity not exceeding 25 years from the date of issue and interest rates subject to state limits.

Proceeds from bond sales shall be transferred to a special fund and used solely for repairing, rehabilitating, or removing water impoundment structures originally financed under federal Public Law 534 and Public Law 566.

Amends Section 51-37-3 to authorize the Commission to receive and expend proceeds from bonds issued pursuant to legislative acts, with unexpended amounts not lapsing into the State General Fund.

Bonds are backed by the full faith and credit of the State of Mississippi, are exempt from state taxation, and serve as legal investments for trustees, fiduciaries, and state financial institutions.