MS HB1449

Authorizes issuance of state general obligation bonds up to $45,000,000 to assist Hinds County in paying construction and development costs for the Byram-Clinton Parkway project.

Creates a special fund designated the "2015 Byram-Clinton Parkway Project Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs under direction of the Department of Finance and Administration.

Bonds may be issued at one time or over multiple occasions until July 1, 2019, with maturities not exceeding 25 years and interest rates compliant with Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest on bonds; any deficit shall be paid from the State Treasury with bonds exempt from Mississippi taxation.

Remaining fund balance after project completion or abandonment shall be applied to pay debt service on the bonds in accordance with bond proceedings and State Bond Commission direction.