MS HB1445

Authorizes issuance of state general obligation bonds not to exceed $6,200,000 to fund repair, rehabilitation, construction, and improvement of the railroad line between Amory and Fulton, Mississippi, including safety and structural integrity projects.

Creates the "2015 Railroad Improvements Fund" within the State Treasury to be managed separately from the General Fund, with unexpended amounts and investment earnings retained in the fund.

Grants the Mississippi Development Authority discretion to disburse monies from the fund for authorized railroad projects, with expenditures directed by the Department of Finance and Administration.

Bonds must be issued by July 1, 2019, with maturity not to exceed 25 years from date of issue, and bear interest at rates consistent with Mississippi Code Section 75-17-101.

Upon project completion, abandonment, or inability to complete in timely fashion, remaining fund amounts shall be applied to pay debt service on the bonds, which are backed by the full faith and credit of the State of Mississippi.