MS HB1634

Authorizes issuance of state general obligation bonds up to $15,050,000 to fund the East Metro Corridor project in Rankin County, Mississippi, which includes land acquisition and implementation costs.

Creates a special "2018 East Metro Corridor Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds to the East Metropolitan Corridor Commission representing Jackson Municipal Airport Authority, City of Brandon, City of Flowood, and City of Pearl.

Bonds may mature up to 25 years from issuance with an interest rate not to exceed limits in Mississippi Code Section 75-17-101, with no bonds issued after July 1, 2022.

Bonds are full faith and credit obligations of Mississippi, with the State Treasurer required to pay any deficiency from the State Treasury, and the bonds are exempt from state taxation.

State Bond Commission acts as issuing agent with authority to prescribe bond form, determine sale method, advertise bids, and conduct public or negotiated sales with costs paid from bond proceeds.