MS HB363

Authorizes issuance of state general obligation bonds not to exceed $600,000 to fund road improvements on Old Richton Road in the City of Petal, Forrest County, Mississippi, from Evelyn Gandy Parkway easterly to the city corporate limits.

Creates the "2016 Old Richton Road Improvements Fund" in the State Treasury to receive bond proceeds and disburse funds for repair, rehabilitation, resurfacing, construction, and reconstruction of the specified road segment.

Bonds may not be issued after July 1, 2020, and may mature up to 25 years from issuance with interest rates not exceeding limits set in Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to guarantee bond payments; any deficit in appropriated funds shall be paid by the State Treasurer from unappropriated state funds.

Bonds are exempt from Mississippi taxation and constitute legal investments for state trustees, fiduciaries, banks, and insurance companies; unused fund proceeds shall be applied to bond debt service after project completion.