MS HB1580

Authorizes issuance of state general obligation bonds not to exceed $19,000,000 to fund improvements to Old Whitfield Road in Rankin County, Mississippi, from Pearson Road to Airport Road.

Creates a special fund designated "2017 Old Whitfield Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for road repair, rehabilitation, resurfacing, construction, and reconstruction.

Grants the State Bond Commission authority to determine bond terms including interest rates (not exceeding limits in Mississippi Code Section 75-17-101), maturity dates (up to 25 years), and sale methods, with all bonds to be issued by July 1, 2021.

Pledges the full faith and credit of the State of Mississippi for bond repayment; makes bonds general obligations payable from appropriated funds or the State Treasury if appropriations are insufficient.

Exempts bonds and income from all state taxation and designates bond proceeds for exclusive use on the specified road project and issuance costs.