MS HB1597

Authorizes issuance of up to $2,000,000 in state general obligation bonds to assist the City of Ridgeland with costs of widening Lake Harbour Drive to four lanes with a center turn lane from North Park Drive to U.S. Highway 51, and constructing a multi-use trail along the same route.

Creates a special "2013 City of Ridgeland-Lake Harbour Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds at the discretion of the Department of Finance and Administration.

Bonds shall mature within 25 years from issuance, with interest rates not to exceed limits in Mississippi Code Section 75-17-101, and cannot be issued after July 1, 2017.

Establishes that bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; any remaining funds after project completion shall be used for debt service on the bonds.

Bonds and their income are exempt from all Mississippi state taxation and may be validated in Chancery Court of the First Judicial District of Hinds County.