MS HB1525

Authorizes the issuance of state general obligation bonds not to exceed $19,400,000 to fund land acquisition, construction, and development of Segment 4 of the East Metro Corridor project in Rankin County, Mississippi.

Creates the "2014 East Metro Corridor Improvements Fund" as a special fund within the State Treasury to receive bond proceeds and disburse funds for project costs, with unexpended amounts and investment earnings retained in the fund.

Grants the State Bond Commission authority to determine bond terms including interest rates (not exceeding statutory limits), maturity dates (up to 25 years), redemption options, and sale method at public or negotiated sale.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment, with any shortfall paid from the State Treasury; bonds are exempt from state taxation and constitute legal investments for fiduciaries and financial institutions.

Establishes a deadline of July 1, 2018 for bond issuance and directs remaining fund balances after project completion to be applied toward bond debt service.