MS HB1058

Authorizes the State Bond Commission to issue up to $600,000 in general obligation bonds to assist the City of Petal with costs of repairing, rehabilitating, and reconstructing Old Richton Road in Forrest County from Evelyn Gandy Parkway to the city limits.

Creates a special "2015 Old Richton Road Improvements Fund" within the State Treasury to receive bond proceeds and any investment earnings, with disbursements controlled by the Department of Finance and Administration.

Bonds may mature up to 25 years from issuance with interest rates not to exceed limits under Section 75-17-101 of the Mississippi Code, and no bonds may be issued after July 1, 2019.

Bonds are backed by the full faith and credit of the State of Mississippi; if appropriated funds are insufficient to pay principal and interest, any deficiency shall be paid from the State Treasury.

Upon project completion or abandonment, remaining fund amounts shall be applied to debt service on the bonds as directed by the State Bond Commission.