MS SB3009

Authorizes the issuance of state general obligation bonds in the amount of $50,000,000 to provide funds for the Local System Bridge Replacement and Rehabilitation Program.

Bond proceeds shall be deposited into the Local System Bridge Replacement and Rehabilitation Fund and disbursed by the Department of Finance and Administration under restrictions contained in the bond issuance resolution.

Bonds may mature up to 25 years from date of issue, bear interest not exceeding limits in Section 75-17-101, and may be redeemed before maturity as determined by the State Bond Commission.

Bonds are general obligations of Mississippi backed by the full faith and credit of the state, with principal and interest payable from appropriated funds or from the State Treasury if appropriated funds are insufficient.

Amends Section 65-37-13 to clarify that the Local System Bridge Replacement and Rehabilitation Fund consists of appropriated monies, bond proceeds, and other legislatively designated funds used solely for bridge replacement and rehabilitation projects.