MS HB1651

Authorizes the State Bond Commission to issue up to $500,000 in general obligation bonds to assist the Town of Tchula, Mississippi with repair, maintenance, and reconstruction of roads, streets, and bridges.

Creates a special fund designated the "2017 Holmes County Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified road and bridge projects.

Bonds may not be issued after July 1, 2021, and shall mature within 25 years from the date of issue with interest rates not exceeding limits set by Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to guarantee bond payments; any insufficiency in appropriated funds shall be paid from the State Treasury.

Bonds and income from the bonds are exempt from all Mississippi state taxation and may be used as legal investments for trustees, fiduciaries, banks, and insurance companies.