MS HB1639

Authorizes the State Bond Commission to issue up to $150,000 in general obligation bonds to assist the City of Farmington, Mississippi with costs of expanding and upgrading its sewer system and related infrastructure.

Creates a special fund called the "2018 City of Farmington Sewer System Improvements Fund" within the State Treasury to receive and disburse bond proceeds for the designated projects.

Bonds may mature up to 25 years from issuance and cannot be issued after July 1, 2022; interest rates are subject to limits in Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to guarantee payment of bond principal and interest, with any shortfall paid from the State Treasury.

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