MS SB2927

Authorizes issuance of up to $8,100,000 in state general obligation bonds for widening Mississippi Highway 16 to three lanes in Kemper County, specifically from near Neelytown Road at DeKalb City Limits to Old Philadelphia Road and between the two points where Highway 39 intersects Highway 16.

Creates the "Mississippi Highway 16 Improvement Fund" as a special fund in the State Treasury to receive bond proceeds and disburse funds for the widening project under direction of the Mississippi Transportation Commission and Department of Transportation.

Bonds may not be issued after July 1, 2020, and must mature within 25 years; unused funds after four years must be reported to the State Bond Commission and eventually applied to pay debt service on the bonds.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; the State Treasurer must pay any deficiency from state funds if appropriations are insufficient.

Bonds and their income are exempt from all Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, and financial institutions in the state.