MS HB993

Authorize issuance of $5,000,000 in general obligation bonds by the Mississippi Soil and Water Conservation Commission for the Mississippi Watershed Repair and Rehabilitation Cost-Share Program.

Bonds must be issued by July 1, 2017, with maturities not exceeding 25 years, interest rates subject to Section 75-17-101 limits, and full faith and credit of the State of Mississippi pledged for repayment.

Bond proceeds deposited into special fund under Section 51-37-3 for assisting local watershed districts in repairing, rehabilitating, or removing water impoundment structures financed under federal Public Law 534 and Public Law 566.

State Bond Commission acts as issuing agent with authority to prescribe bond form, determine sale method, advertise bids, and handle all matters related to bond issuance and sale, with costs paid from bond proceeds.

Amend Section 51-37-3 to authorize the commission to receive and expend proceeds from bonds issued under this act, with unexpended amounts not lapsing into the State General Fund.