MS HB1669

Authorizes issuance of up to $3,500,000 in state general obligation bonds to assist Pearl River Valley Water Supply District with repair, rehabilitation, reconstruction, or replacement of seawalls at Ross Barnett Reservoir as required by a settlement agreement in Bobby L. Baker, Jr., et al. v. Pearl River Valley Water Supply District.

Creates a special fund designated "2017 Ross Barnett Reservoir Seawall Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds to the water supply district for seawall project costs.

Bonds may mature up to 25 years from date of issue and cannot be issued after July 1, 2021; interest rates cannot exceed limits in Section 75-17-101, Mississippi Code of 1972.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state; bonds and income are exempt from Mississippi state taxation.

Remaining fund amounts after project completion shall be applied to debt service on the issued bonds; investment earnings on the fund shall also be used for debt service payment.