MS HB1547

Authorizes the State Bond Commission to issue up to $4,000,000 in general obligation bonds to assist the City of Jackson with repairs, upgrades, and improvements to its water and sewer systems.

Creates a special fund called the "2018 City of Jackson Water and Sewer Systems Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the authorized water and sewer projects.

Bonds may be issued at any time before July 1, 2022, with a maturity period not to exceed 25 years and interest rates subject to Mississippi Code Section 75-17-101.

Bonds are backed by the full faith and credit of the State of Mississippi, with the State Treasurer authorized to pay principal and interest from state funds if appropriated amounts are insufficient.

Bonds and income derived from them are exempt from all state taxation and may be validated through the Chancery Court of the First Judicial District of Hinds County.