MS SB2848

Authorizes issuance of state general obligation bonds up to $65,000,000 to fund improvements to Mississippi Highway 25 in Flowood, Rankin County from Highway 475 intersection easterly to Highway 471 intersection.

Creates a special fund called the "2013 City of Flowood Mississippi Highway 25 Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for repair, rehabilitation, resurfacing, construction, reconstruction, widening, lane additions, and professional services related to the project.

Bonds may be issued through July 1, 2017, with maturity not to exceed 25 years and interest rates compliant with Mississippi Code Section 75-17-101, with the State Bond Commission acting as issuing agent.

State's full faith and credit is pledged to secure the bonds; if legislative appropriations are insufficient to pay principal and interest, the State Treasurer shall pay any deficiency from unappropriated state funds.

Bonds and income therefrom are exempt from Mississippi state taxation and become legal investments for trustees, fiduciaries, savings banks, and insurance companies.