MS HB1365

Authorizes issuance of state general obligation bonds up to $700,000 to fund improvements to Old Richton Road in Forrest County within the City of Petal, from Evelyn Gandy Parkway easterly to the city limits.

Creates the "2018 Old Richton Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for road repair, rehabilitation, resurfacing, construction and reconstruction.

Establishes that the State Bond Commission may issue bonds with interest rates not exceeding limits in Mississippi Code Section 75-17-101, with maturity up to 25 years from issuance and no bonds issued after July 1, 2022.

Pledges the full faith and credit of Mississippi to repay bonds, making them general obligations payable from state funds if appropriations are insufficient, and exempts bond income from state taxation.

Grants the State Treasurer authority to certify payment necessity and the Department of Finance and Administration authority to issue warrants for timely payment of principal, interest, and accreted value.