MS HB1616

Authorizes issuance of state general obligation bonds not to exceed $65,000,000 to fund improvements to Mississippi Highway 25 in Rankin County within the City of Flowood from its intersection with Mississippi Highway 475 easterly to its intersection with Mississippi Highway 471.

Creates a special fund designated "2013 City of Flowood Mississippi Highway 25 Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for repair, rehabilitation, resurfacing, construction, reconstruction, widening, lane additions, and professional services related to the highway project.

Authorizes the State Bond Commission to issue bonds with maturities not exceeding 25 years from date of issue, with interest rates subject to Mississippi Code Section 75-17-101, and requires notice of public bond sales be published at least 10 days before sale in Jackson-area newspapers.

Pledges the full faith and credit of the State of Mississippi to pay bond principal and interest; any insufficiency in appropriated funds shall be paid from the State Treasury's unappropriated funds.

Bonds must be issued by July 1, 2017, and upon project completion, abandonment, or inability to complete timely, remaining funds shall be applied to debt service on the bonds.