MS HB1576

Authorizes issuance of state general obligation bonds up to $11,500,000 to assist the City of McComb with improvements to Parklane Road (from U.S. Highway 98 to Park Drive) and related water and sewer infrastructure.

Creates a special fund called the "2017 City of McComb-Parklane Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs.

Bonds may be issued at any time until July 1, 2021, with maturity not to exceed 25 years, and shall bear interest at rates not exceeding limits under Mississippi Code Section 75-17-101.

Bonds are backed by the full faith and credit of the State of Mississippi, with any shortfall in appropriated funds to be paid from the State Treasury; bonds and income are exempt from state taxation.

After projects are completed, abandoned, or cannot be completed timely, any remaining funds shall be applied to pay debt service on the issued bonds as directed by the State Bond Commission.