MS HB1628

Increases the maximum amount of state general obligation bonds that may be issued for the Mississippi Railroad Improvements Fund from $5,000,000 to $10,900,000.

Extends the deadline for issuing such bonds from July 1, 2015 to July 1, 2016.

Bond proceeds must be deposited into the Mississippi Railroad Improvements Fund and any investment earnings shall be used to pay debt service on the bonds.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with repayment deficiencies to be covered by the State Treasurer from unappropriated funds.

Bond income and the bonds themselves are exempt from all taxation in Mississippi and are legal investments for trustees, fiduciaries, and financial institutions in the state.