MS SB2282

Increases the maximum amount of state general obligation bonds that may be issued for the Mississippi Railroad Improvements Fund from $5,000,000 to $17,500,000.

Extends the deadline for issuing bonds from July 1, 2015 to July 1, 2021.

Bond proceeds must be deposited into the Mississippi Railroad Improvements Fund and disbursed solely upon order of the Mississippi Development Authority.

Bonds are general obligations of the State of Mississippi with full faith and credit pledged, with interest payable semiannually or annually and maturities not exceeding 25 years.

Bond income is exempt from Mississippi state taxation and qualifies as legal investments for trustees, fiduciaries, and financial institutions.