MS HB1654

Authorizes the issuance of state general obligation bonds up to $2,800,000 to assist Rankin County, Mississippi, in paying costs related to the extension of Gunter Road.

Creates a special fund designated the "2018 Gunter Road Extension Fund" within the State Treasury to receive bond proceeds and disburse funds at the discretion of the Department of Finance and Administration.

Bonds may mature up to 25 years from date of issue, bear interest rates within limits set by Mississippi Code, and may be called for redemption at the option of the State; all bonds are general obligations of the State backed by full faith and credit.

No bonds may be issued after July 1, 2022; any remaining funds in the special fund after project completion or abandonment shall be applied to pay debt service on the bonds.

Bond income is exempt from state taxation and bonds are legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies organized under Mississippi law.