MS SB3021

Authorizes the State Bond Commission to issue up to $9,400,000 in general obligation bonds to fund repairs, upgrades, additions, and improvements to the Port of Vicksburg in Warren County, Mississippi.

Creates a special "2012 Port of Vicksburg Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for port improvements, with unexpended amounts and interest earnings retained in the fund.

Bonds shall mature no later than 25 years from issuance date and cannot be issued after July 1, 2016.

Bonds are backed by the full faith and credit of the State of Mississippi, are tax-exempt, and constitute legal investments for fiduciaries and financial institutions.

Upon project completion or abandonment, any remaining fund balance shall be applied to debt service on the bonds as directed by the State Bond Commission.