MS HB1683

Authorizes issuance of up to $45,000,000 in state general obligation bonds to assist Hinds County, Mississippi with construction and development costs of the Byram-Clinton Parkway Project.

Creates a special "2013 Byram-Clinton Parkway Project Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs under the Department of Finance and Administration's discretion.

Bonds may be issued at any time until July 1, 2017, with maturity dates not exceeding 25 years, and shall bear interest at rates not to exceed limits set by Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to secure the bonds; if state appropriations are insufficient, the State Treasurer shall pay any deficiency from unappropriated treasury funds.

Bonds are exempt from all Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies; any remaining funds after project completion shall be applied to debt service on the bonds.