MS SB2949

Authorizes the State Bond Commission to issue up to $50,000,000 in general obligation bonds to fund construction and development of a centralized wastewater treatment facility for the Byram-Clinton corridor area in Hinds County, Mississippi.

Creates a special fund within the State Treasury designated as the "2014 Byram-Clinton Wastewater Treatment Facility Project Construction Fund" to receive bond proceeds and disburse funds for the project under the Department of Finance and Administration's discretion.

Bonds shall mature within 25 years from date of issue, bear interest at rates not exceeding limits in Mississippi Code Section 75-17-101, and may be called for redemption before maturity at the state's option.

Bonds are secured by the full faith and credit of Mississippi, with any deficiency in appropriated funds to be paid from the State Treasury; bonds are exempt from state taxation and qualify as legal investments for fiduciaries and financial institutions.

No bonds may be issued under this authority after July 1, 2018; any remaining fund balance after project completion shall be applied to pay debt service on the bonds.