MS HB1246

Authorizes issuance of state general obligation bonds up to $1,500,000 to assist the City of Jackson in paying costs for repair and rehabilitation of the Woodrow Wilson Avenue Bridge.

Creates the "2014 City of Jackson Woodrow Wilson Avenue Bridge Improvements Fund" as a special fund in the State Treasury to receive bond proceeds and disburse funds for the project.

Bonds may be issued by the State Bond Commission at any time before July 1, 2018, with maturities not exceeding 25 years and interest rates subject to Mississippi Code Section 75-17-101.

Bonds are general obligations of Mississippi backed by full faith and credit of the state, with principal and interest payable from appropriated funds or from the State Treasury if appropriations are insufficient.

Bonds and income therefrom are exempt from all Mississippi taxation and may be validated in the Chancery Court of the First Judicial District of Hinds County.