MS HB1598

Authorizes issuance of $4,200,000 in state general obligation bonds to provide matching funds for federal funds in the Water Pollution Control Revolving Fund.

Bonds may mature up to 25 years from date of issue with interest rates not to exceed limits set in Mississippi Code Section 75-17-101.

Proceeds from bond sales shall be deposited into the Water Pollution Control Revolving Fund and used solely for purposes established in Section 49-17-85.

Amends Section 49-17-85 to authorize interest and investment earnings on the Water Pollution Control Revolving Fund to be used to pay principal and interest on bonds issued under this act.

Bonds are general obligations of Mississippi with full faith and credit pledged; deficiencies in payment shall be paid by the State Treasurer from the State Treasury.