MS SB2948

Authorizes issuance of state general obligation bonds not to exceed $45,000,000 to assist Hinds County with construction and development of the Byram-Clinton Parkway project.

Creates a special fund designated as the "2014 Byram-Clinton Parkway Project Construction Fund" within the State Treasury to receive bond proceeds and disburse funds at the discretion of the Department of Finance and Administration.

Bonds may be issued at any time by the State Bond Commission until July 1, 2018, with maturity dates not to exceed 25 years from issuance and interest rates subject to statutory limits.

Bonds are full faith and credit general obligations of the State of Mississippi, with the State Treasurer required to pay principal, interest, and accreted value from state funds if legislative appropriations are insufficient.

Unexpended fund amounts remaining after project completion or abandonment shall be applied to pay debt service on the bonds, and bond income is exempt from state taxation.