MS HB314

Authorizes the State Bond Commission to issue up to $500,000 in general obligation bonds to assist the Town of Tchula, Mississippi with repair, maintenance, and reconstruction of roads, streets, and bridges.

Creates a special fund designated the "2018 Town of Tchula Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible road projects.

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

Pledges the full faith and credit of the State of Mississippi to pay principal and interest on the bonds; any deficiency shall be paid by the State Treasurer from unappropriated funds.

Upon project completion or abandonment, any remaining special fund balance shall be applied to pay debt service on the bonds as directed by the State Bond Commission.