MS HB1592

Authorizes the issuance of state general obligation bonds not to exceed $2,000,000 to assist the City of Jackson with road and street improvements near Jackson State University campus.

Creates a special fund designated the "2017 City of Jackson Road and Street Improvements Fund" within the State Treasury to receive bond proceeds and disburse them for repair, rehabilitation, resurfacing, and construction of roads and streets in close proximity to the university.

Bonds may be issued at one time or from time to time until July 1, 2021, with maturity dates not to exceed 25 years from the date of issue and interest rates not to exceed limits set by Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to pay principal and interest on the bonds, with any insufficient appropriated funds to be paid from the State Treasury.

Any remaining funds after project completion shall be applied to pay debt service on the issued bonds, and bond proceeds are exempt from state taxation.