MS HB357

Authorizes issuance of up to $50,000,000 in state general obligation bonds to assist municipalities and counties with bridge repair, rehabilitation, replacement, reconstruction, and construction costs, including bridges on state-designated highways maintained by local governments.

Creates the "2018 Municipalities and Counties Bridge Improvements Fund" within the State Treasury, with one-half of funds disbursed to municipalities and one-half to counties for eligible bridge projects.

Bonds may be issued at any time up to July 1, 2022, with a maturity period not to exceed 25 years from date of issue and interest rates compliant with Mississippi Code Section 75-17-101.

Bonds are backed by the full faith and credit of the State of Mississippi, with debt service paid from fund proceeds and investment earnings; any remaining funds after project completion are applied to bond debt service.

State Bond Commission acts as issuing agent with authority to determine bond terms, sale methods, and pricing, and bonds are tax-exempt under Mississippi law.