MS SB2640

Authorizes issuance of state general obligation bonds up to $10,000,000 to assist Hinds County with construction and development costs of the Byram-Clinton Parkway project.

Creates a special "2016 Byram-Clinton Parkway Project Construction Fund" within the State Treasury, separate from the General Fund, with unexpended amounts and investment earnings retained in the fund.

Bonds may be issued at any time until July 1, 2020, with maturity dates not exceeding 25 years from issue, and interest rates not exceeding limits in Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged for bond payment; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from unappropriated state funds.

Upon project completion, abandonment, or inability to timely complete, remaining fund balances shall be applied to pay debt service on the issued bonds.