MS SB2833

Authorizes issuance of $190,000,000 in state general obligation bonds for construction and reconstruction of Mississippi Highway 24 from one mile west of Liberty to Interstate 55 as a four-lane highway.

Creates the "Mississippi Highway 24 Improvement Fund" as a special fund within the State Treasury to receive bond proceeds and pay project costs incurred by the Mississippi Transportation Commission and Department of Transportation.

Bonds must be issued by July 1, 2020, with a maturity period not to exceed 25 years and an interest rate not exceeding limits set in Mississippi Code Section 75-17-101.

If project funds remain unused after four years, the Mississippi Transportation Commission must report unused amounts to the State Bond Commission, and any remaining balance shall be applied to pay debt service on the bonds.

Bonds are general obligations of the State of Mississippi backed by the state's full faith and credit, exempt from state taxation, and constitute legal investments for trustees, fiduciaries, and financial institutions.