MS HB1464

Authorizes issuance of $5,800,000 in state general obligation bonds to provide matching funds for federal funds for the Water Pollution Control Revolving Fund.

Bonds may be issued by the State Bond Commission at the direction of the Commission on Environmental Quality in amounts matching projected federal funds available through the following federal fiscal year.

Bond proceeds shall be deposited into the Water Pollution Control Revolving Fund and mature within 25 years with interest rates not exceeding limits set in Section 75-17-101.

Amends Section 49-17-85 to authorize interest and investment earnings on money in the Water Pollution Control Revolving Fund to be used to pay principal and interest on bonds issued under this act.

Bonds are general obligations of the State of Mississippi backed by full faith and credit, with the State Treasurer authorized to issue warrants for payment when due; act becomes effective July 1, 2015.