MS HB1596

Authorizes the issuance of $1,000,000 in state general obligation bonds to provide matching funds for federal funds in the Water Pollution Control Revolving Fund.

Bonds may be issued by the State Bond Commission at the direction of the Commission on Environmental Quality, with maturity dates not exceeding 25 years and interest rates subject to state law limits.

Bond proceeds are deposited into the Water Pollution Control Revolving Fund and used solely for water pollution control projects as specified in Section 49-17-85.

Amends Section 49-17-85 to authorize interest and investment earnings from the Water Pollution Control Revolving Fund to be used to pay principal and interest on the authorized bonds as they become due.

All bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; takes effect July 1, 2016.