MS HB1678

Authorize issuance of up to $1,700,000 in state general obligation bonds to assist the City of Yazoo City in construction and development of the Willie Morris Parkway connecting Mississippi Highway 3 to Grand Avenue (U.S. Highway 49).

Create a special fund called the "2013 Willie Morris Parkway Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs under direction of the Department of Finance and Administration.

Bonds may be issued any time until July 1, 2017, with maturity dates not to exceed 25 years from issuance, and interest rates compliant with Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to repay bond principal and interest, with any insufficient appropriated funds to be paid from the State Treasury.

Bond proceeds are exempt from state taxation, and remaining funds after project completion shall be applied to pay debt service on the bonds.