MS SB2905

Authorizes the State Bond Commission to issue up to $10,000,000 in general obligation bonds to assist the Jackson County Port Authority in upgrading facilities at the Port of Pascagoula.

Creates a special "2013 Port of Pascagoula Improvement Fund" within the State Treasury to receive bond proceeds and disburse funds for facility upgrades, with unexpended amounts and interest earnings retained in the fund.

Bonds may be issued at any time before July 1, 2017, with maturities not exceeding 25 years, and interest rates subject to Section 75-17-101 of the Mississippi Code.

Remaining funds after project completion shall be applied to pay debt service on the bonds, and all investment earnings on the fund shall be used for debt service payments.

Bonds are backed by the full faith and credit of the State of Mississippi and are exempt from state taxation; holders may enforce their rights through legal action.