MS SB3015

Authorizes issuance of up to $20,000,000 in state general obligation bonds to fund the Local System Bridge Replacement and Rehabilitation Program.

Bonds are general obligations of Mississippi backed by full faith and credit of the state, with principal and interest payable from state appropriations or state treasury funds if insufficient.

Bond proceeds must be deposited into the Local System Bridge Replacement and Rehabilitation Fund and disbursed only upon order of the Department of Finance and Administration.

Amends Section 65-37-13 to allow bond proceeds to constitute part of the fund, which distributes monies to counties for bridge replacement and rehabilitation projects according to established formulas.

Bonds may mature up to 25 years from issue date, bear interest at rates not exceeding statutory limits, and are exempt from Mississippi state taxation.