MS HB1463

Authorizes issuance of state general obligation bonds totaling up to $2,000,000 to assist Holmes County with costs of road, street, and building improvements, with no bonds issued after July 1, 2020.

Creates a special fund called the "2016 Holmes County Roads and Buildings Improvements Fund" within the State Treasury, maintained separately from the General Fund, with unexpended amounts and interest earnings retained in the fund.

Fund monies shall be used for repair, rehabilitation, resurfacing, construction of county roads and streets, and improvements to county buildings and facilities including renovations and upgrades.

Bonds are general obligations of Mississippi with full faith and credit of the state pledged for repayment; bonds may mature up to 25 years from issuance and bear interest rates not to exceed limits in Mississippi Code Section 75-17-101.

Bond proceeds and income from bonds are exempt from all state taxation, and the State Treasurer must certify warrant necessity to ensure principal and interest payments are made when due.