MS HB1538

Increases the maximum amount of state general obligation bonds that may be issued for the "2013 City of Flowood Mississippi Highway 25 Improvements Fund" from $4,900,000 to $9,900,000.

Funds shall be used to assist the City of Flowood in paying costs for repair, rehabilitation, resurfacing, and reconstruction of Mississippi Highway 25 in Rankin County from its intersection with Mississippi Highway 475 to Mississippi Highway 471, including professional services.

Establishes a special fund within the State Treasury separate from the General Fund; unexpended amounts do not lapse and interest earnings are deposited back into the fund.

Bonds shall be general obligations of the State of Mississippi with full faith and credit pledged; bonds may not be issued after July 1, 2017, and shall mature within 25 years of issuance.

Income and proceeds from the bonds are exempt from state taxation, and any remaining funds after project completion shall be applied to pay debt service on the bonds.