MS HB820

Authorizes the issuance of $20,000,000 in state general obligation bonds by the State Bond Commission to fund the Local System Bridge Replacement and Rehabilitation Fund.

Bonds may mature up to 25 years from issuance date with interest rates not exceeding limits set in Mississippi Code Section 75-17-101.

Proceeds from bond sales shall be deposited into the Local System Bridge Replacement and Rehabilitation Fund and disbursed only by order of the Department of Finance and Administration.

Bonds are backed by the full faith and credit of the State of Mississippi, with the State Treasurer authorized to issue warrants to pay principal and interest when due.

Bonds are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, and financial institutions organized under Mississippi law.