MS HB1732

Authorizes issuance of up to $50,000,000 in state general obligation bonds to assist municipalities and counties in repairing, rehabilitating, replacing, reconstructing, and constructing bridges, including those on state-designated highways maintained locally.

Creates the "2017 Municipalities and Counties Bridge Improvements Fund" within the State Treasury, with one-half of proceeds allocated to municipalities and one-half to counties for bridge improvement costs.

Bonds may be issued at any time until July 1, 2021, with maturity dates not exceeding 25 years from issue date, subject to interest rate limits under Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged for bond payment; if legislative appropriations are insufficient, any deficiency shall be paid from the State Treasury.

Bonds are exempt from Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies organized under state law.