MS HB1609

Authorizes issuance of up to $1,000,000 in state general obligation bonds to assist the City of McComb, Mississippi with improvements to Parklane Road (from U.S. Highway 98 to Park Drive) and related water and sewer infrastructure projects.

Creates a special fund called the "2016 City of McComb-Parklane Road Improvements Fund" within the State Treasury to receive and disburse bond proceeds for the authorized projects.

Grants the State Bond Commission authority to issue, sell, and manage the bonds through public or negotiated sale, with bonds bearing interest rates not to exceed limits in Mississippi Code Section 75-17-101 and maturing within 25 years.

Pledges the full faith and credit of the State of Mississippi to secure the bonds, requiring any shortfall in debt service to be paid from the State Treasury; bonds are exempt from state taxation and qualify as legal investments for fiduciaries and financial institutions.

Establishes a deadline of July 1, 2020 for issuing bonds under this authorization, with any remaining unspent funds to be applied toward debt service after project completion is certified.