MS HB1670

Authorizes the issuance of general obligation bonds in the amount of $5,000,000 to fund the Mississippi Watershed Repair and Rehabilitation Cost-Share Program administered by the Mississippi Soil and Water Conservation Commission.

Bonds may be issued at one time or over time with a maximum maturity of 25 years and interest rates not exceeding limits set in Section 75-17-101, Mississippi Code of 1972; no bonds may be issued after July 1, 2021.

Bond proceeds shall be deposited into a special fund and used solely for repair, rehabilitation, or removal of water impoundment structures constructed with financing from federal Public Law 534 and Public Law 566.

Bonds are general obligations of Mississippi with full faith and credit of the state pledged for repayment; bond income is exempt from state taxation and bonds are legal investments for trustees, banks, and insurance companies.

Amends Section 51-37-3, Mississippi Code of 1972, to authorize the commission to receive and expend proceeds from bonds issued under this act for the cost-share program with unexpended amounts not lapsing into the State General Fund.