MS HB1532

Authorizes issuance of $5,000,000 in general obligation bonds to fund the Mississippi Watershed Repair and Rehabilitation Cost-Share Program, with no bonds to be issued after July 1, 2018

Bonds may mature up to 25 years from date of issue and are backed by the full faith and credit of the State of Mississippi

Bonds and income from them are exempt from all Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies

Funds support repair, rehabilitation, or removal of water impoundment structures originally built under federal Public Law 534 and Public Law 566

Eligible watershed districts must have structures certified as not meeting USDA Natural Resources Conservation Service technical standards and must provide local financial or in-kind matching funds at commission-established rates