MS SB2832

Authorizes issuance of up to $260,000 in state general obligation bonds to assist the Town of Meadville, Mississippi with repair, rehabilitation, reconstruction, and improvement of its sanitary sewer collection system.

Creates a special fund designated "2016 Town of Meadville Sanitary Sewer Collection System Improvements Fund" to receive bond proceeds and any investment earnings, with unexpended amounts not lapsing into the General Fund.

Bonds may mature up to 25 years from issue date with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2020.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest on the bonds; any deficiency shall be paid by the State Treasurer from unappropriated state funds.

Bonds are exempt from Mississippi state taxation and serve as legal investments for trustees, fiduciaries, banks, and insurance companies; proceeds may only be used for authorized purposes including issuance costs.