MS HB1458

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

Creates a special "2016 Byram-Clinton Parkway Project Construction Fund" within the State Treasury to receive and disburse bond proceeds for project costs.

Bonds may mature up to 25 years from issue date and bear interest at rates not exceeding limits in Mississippi Code Section 75-17-101, with no bonds issued after July 1, 2020.

Full faith and credit of the State of Mississippi is pledged to pay bonds; any insufficiency in appropriated funds shall be paid by the State Treasurer from other available state funds.

Bonds are exempt from Mississippi state taxation and qualify as legal investments for trustees, banks, insurance companies, and public entities.