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MS HB1733
Bill
Status
3/16/2016
Primary Sponsor
Brent Powell
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AI Summary
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Authorizes issuance of state general obligation bonds not exceeding $6,000,000 to assist Pearl River Valley Water Supply District with repair, rehabilitation, reconstruction, or replacement of seawalls at Ross Barnett Reservoir.
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Creates a special fund designated "2016 Ross Barnett Reservoir Seawall Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds for the seawall project costs as required by settlement agreement in Bobby L. Baker, Jr., et al. v. Pearl River Valley Water Supply District.
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Grants State Bond Commission authority to issue bonds, determine sale method, advertise for and accept bids, and manage all aspects of bond issuance with maturity not to exceed 25 years from date of issue.
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Pledges full faith and credit of the State of Mississippi to guarantee bond payment; bonds are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies.
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Establishes July 1, 2020 deadline for bond issuance and directs any remaining fund balance after project completion to pay debt service on the bonds.
Legislative Description
Bonds; authorize the issuance for the Pearl River Valley Water Supply District in paying costs associated with the repair of seawalls.
Last Action
Died In Committee
3/16/2016