MS SB2979

Authorizes issuance of up to $1,000,000 in state general obligation bonds to assist the Rail Authority of East Mississippi in paying costs for Phase II of an environmental impact study.

Creates a special "2014 Rail Authority of East Mississippi Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Mississippi Development Authority.

Establishes the State Bond Commission as issuing agent with authority to determine bond terms, method of sale, interest rates (not to exceed limits in Section 75-17-101), and maturity dates not exceeding 25 years.

Pledges the full faith and credit of Mississippi to bond repayment; any shortfall in appropriated funds shall be paid by the State Treasurer from unappropriated state funds.

Prohibits bond issuance after July 1, 2018, and exempts bonds and their income from all Mississippi state taxation.