MS SB2113

Authorizes issuance of up to $1,000,000 in state general obligation bonds to fund repair, rehabilitation, reconstruction, and improvement of the Town of Crosby, Mississippi's surface water drainage system

Creates the "2017 Town of Crosby Surface Water Drainage System Improvement Fund" within the State Treasury to hold and disburse bond proceeds, with the Department of Finance and Administration controlling disbursements

Bonds must be issued before July 1, 2021, with a maximum maturity of 25 years from the date of issue

Pledges the full faith and credit of the State of Mississippi for bond repayment, with the State Treasurer authorized to pay from general funds if appropriated amounts are insufficient

Exempts bonds and their income from all state taxation and designates them as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies