MS HB1673

Authorizes issuance of $7,300,000 in state general obligation bonds to provide matching funds for federal funds in the Water Pollution Control Revolving Fund.

Bonds may mature up to 25 years from issue date with interest rates not to exceed limits in Mississippi Code Section 75-17-101, with principal and interest payable semiannually or annually.

Amends Section 49-17-85 to allow interest and investment earnings on the Water Pollution Control Revolving Fund to be used for paying principal and interest on bonds issued under this act.

Bonds are backed by the full faith and credit of the State of Mississippi; if fund earnings are insufficient, the State Treasurer shall pay any deficiency from general state funds.

Proceeds from bond sales shall be deposited into the Water Pollution Control Revolving Fund for use in making loans to political subdivisions for water pollution control projects as established by the Commission on Environmental Quality.