MS HB1537

Authorizes the issuance of up to $30 million in state general obligation bonds to provide funds to the North Central MS Regional Rail Authority for acquiring the rail line extending from Southaven to near Canton, Mississippi.

Creates a special "2014 North Central MS Regional Rail Authority Loan Fund" within the State Treasury to disburse bond proceeds for the rail line acquisition as determined necessary by the Mississippi Development Authority.

Establishes a "2014 North Central MS Regional Rail Authority Loan Bond Sinking Fund" to be funded primarily from lease payments when the Rail Authority leases the rail line to a railroad or other entity for commercial purposes.

Requires lease payments from the railroad or other entity to be sufficient to retire the general obligation bonds within 15 years of the initial lease commencement.

Bonds cannot be issued after July 1, 2018, with a maximum maturity of 20 years, backed by the full faith and credit of the State of Mississippi, and are exempt from state taxation.