MS HB1528

Increases the total amount of state general obligation bonds that may be issued for the Mississippi Railroad Improvements Fund from $5,000,000 to $12,500,000.

Bond proceeds must be deposited into the Mississippi Railroad Improvements Fund and may only be disbursed under the order of the Mississippi Development Authority.

Bonds may not be issued after July 1, 2015, and shall mature no later than 25 years from the date of issue.

The State Bond Commission acts as the issuing agent and has authority to determine bond terms, advertise for bids, and sell bonds at public sale or through negotiation.

Bonds are backed by the full faith and credit of the State of Mississippi, with any payment deficiencies covered by the State Treasurer from available state funds.