MS SB2973

Authorizes issuance of state general obligation bonds up to $35,000,000 to fund acquisition of a rail line extending from Southaven to near Canton, Mississippi by the North Central MS Regional Rail Authority.

Creates a special "2014 North Central MS Regional Rail Authority Loan Fund" within the State Treasury to receive bond proceeds and disburse funds for rail line acquisition.

Establishes a "2014 North Central MS Regional Rail Authority Loan Bond Sinking Fund" to be funded primarily by lease payments from railroads or entities leasing the rail line for commercial purposes.

Requires lease payments from any commercial operator to be sufficient to retire the general obligation bonds within 15 years of the initial lease commencement.

Prohibits bond issuance after July 1, 2018, and specifies that bonds mature within 20 years and carry interest rates compliant with Mississippi Code Section 75-17-101.