MS HB1498

Authorizes issuance of state general obligation bonds not to exceed $6,000,000 to fund construction, furnishing, and equipping of a new Highway Safety Patrol Substation in Starkville, Mississippi.

Creates a special fund called the "2018 Department of Public Safety Improvements Fund" within the State Treasury to receive and disburse bond proceeds for the project.

Bonds may not be issued after July 1, 2022, and shall mature within 25 years of issuance with interest rates not exceeding limits set in Mississippi Code Section 75-17-101.

State Bond Commission acts as issuing agent with authority to determine bond form, sale method, advertise for bids, and manage issuance and sale of bonds.

Bonds are general obligations of Mississippi backed by full faith and credit of the state; bond income is exempt from Mississippi taxation and constitutes legal investments for trustees, fiduciaries, and financial institutions.