MS HB1446

Authorizes issuance of up to $1,000,000 in state general obligation bonds to assist the Rail Authority of East Mississippi with engineering and design costs for the East Mississippi Intermodal Rail Corridor.

Creates a special fund designated the "2015 Rail Authority of East Mississippi Fund" within the State Treasury, managed by the State Treasurer and the Mississippi Development Authority.

Bonds may be issued at any time before July 1, 2019, with maturity dates not to exceed 25 years, and bear interest rates not to exceed limits set in Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to back the bonds; if appropriated funds are insufficient, deficiency payments come from unappropriated State Treasury funds.

Investment earnings on fund deposits and any unexpended amounts shall be applied to pay debt service on the issued bonds after project completion or abandonment.