MS SB2862

Authorizes issuance of state general obligation bonds not to exceed $6,000,000 to assist the Pearl River Valley Water Supply District with seawall repair and replacement costs at Ross Barnett Reservoir as required by settlement agreement in Bobby L. Baker, Jr., et al. v. Pearl River Valley Water Supply District.

Creates the "2016 Ross Barnett Reservoir Seawall Repair and Renovation Fund" within the State Treasury to be maintained separately from the General Fund, with unexpended amounts and interest earnings retained in the fund.

Bonds may be issued through July 1, 2020, with maturity not exceeding 25 years from date of issue, and shall bear the full faith and credit pledge of the State of Mississippi.

Bond proceeds and fund earnings shall be disbursed by the Department of Finance and Administration solely for seawall project costs; after project completion, remaining funds shall be applied to bond debt service.

Bonds are exempt from state taxation, constitute legal investments for fiduciaries and financial institutions, and can be validated through Chancery Court proceedings.