MS HB1655

Authorizes issuance of state general obligation bonds not to exceed $3,500,000 to assist the City of Petal, Mississippi with costs of extending Tyner Road to Evelyn Gandy Parkway and related water and sewer infrastructure improvements.

Creates a special fund called the "2017 City of Petal-Tyner Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified projects.

Grants the State Bond Commission authority to issue, sell, and manage the bonds, which may mature up to 25 years from issuance with interest rates subject to state law limits, and prohibits issuance after July 1, 2021.

Pledges the full faith and credit of the State of Mississippi to back the bonds; bonds are exempt from state taxation and constitute legal investments for fiduciaries, banks, and insurance companies.

Directs that any remaining funds after project completion or abandonment shall be applied to pay debt service on the bonds, and all bond proceeds must be used solely for the specified purposes including issuance costs.