MS HB1612

Increases the authorized amount of state general obligation bonds for the Local Governments and Rural Water Systems Improvements Revolving Loan Fund from $29,843,000 to $33,343,000, an increase of $3,500,000

Bond proceeds fund construction of new water systems and repair of existing water systems for local governments and rural areas

Maintains the existing $5,000,000 allocation for the emergency fund portion of the bond authorization

Bonds are general obligations of Mississippi backed by the full faith and credit of the state, with a maximum maturity of 25 years

Bonds and their income are exempt from all state taxation and qualify as legal investments for trustees, fiduciaries, and financial institutions