MS HB1591

Increases the total amount of state general obligation bonds that may be issued for the Mississippi Railroad Improvements Fund from $5,000,000 to $19,900,000.

Extends the deadline for issuing such bonds from July 1, 2015 to July 1, 2020.

Bonds issued under this section are general obligations of the State of Mississippi backed by the state's full faith and credit.

Bond proceeds must be deposited into the Mississippi Railroad Improvements Fund and disbursed solely upon order of the Mississippi Development Authority.

Bonds may mature up to 25 years from issuance, with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, and are exempt from state taxation.