MS HB1687

Authorizes issuance of up to $34,000,000 in state general obligation bonds to assist the Rail Authority of East Mississippi with construction, reconstruction, repair, and planning of an abandoned rail line between Waynesboro and State Line, Mississippi, and a proposed rail line extension to Evanston, Mississippi.

Creates the "2013 Rail Authority of East Mississippi Loan and Grant Fund" within the State Treasury to receive bond proceeds and disburse funds as loans and/or grants under direction of the Mississippi Development Authority.

Requires verification that $136,000,000 in funding from local, federal, private, and other sources has been committed to the project before any bonds may be issued.

Bonds shall mature in no more than 25 years, bear interest at rates compliant with Mississippi law, and be payable semiannually or annually; no bonds may be issued after July 1, 2017.

Bonds are backed by the full faith and credit of the State of Mississippi; any remaining funds in the special fund after project completion shall be applied to bond debt service, and all bond income is exempt from Mississippi state taxation.