MS HB1595

Authorizes the issuance of state general obligation bonds up to $2,000,000 to assist the City of Jackson with road and street improvements near Jackson State University, with no bonds issued after July 1, 2020.

Creates a special fund called the "2016 City of Jackson Road and Street Improvements Fund" within the State Treasury to hold bond proceeds and disburse them for repair, rehabilitation, resurfacing, construction and reconstruction of roads and streets in close proximity to Jackson State University's campus.

Bonds may mature up to 25 years from date of issue and interest rates cannot exceed limits set in Mississippi Code Section 75-17-101, with principal and interest payable semiannually or annually as determined by the State Bond Commission.

Pledges the full faith and credit of the State of Mississippi to back the bonds, with any deficiency in appropriated funds to be paid from the State Treasury; bond proceeds are exempt from state taxation.

Grants the State Bond Commission authority to prescribe bond form, determine sale method, advertise for bids, and issue and sell the bonds, with proceeds transferred to the special fund and disbursed by the Department of Finance and Administration.