MS HB381

Authorizes issuance of up to $4,000,000 in state general obligation bonds to assist the Pearl River Valley Water Supply District in repairing, rehabilitating, reconstructing, or replacing seawalls at Ross Barnett Reservoir as required by settlement agreement in Bobby L. Baker, Jr., et al. v. Pearl River Valley Water Supply District.

Creates the "2018 Ross Barnett Reservoir Seawall Repair and Renovation Fund" within the State Treasury to receive and disburse bond proceeds under direction of the Department of Finance and Administration.

Bonds shall mature no later than 25 years from date of issue, with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2022.

State Bond Commission acts as issuing agent with authority to prescribe bond form, determine sale method, advertise for bids, and negotiate sales; all bonds are backed by full faith and credit of the State of Mississippi.

Bond proceeds and interest earnings are exempt from Mississippi state taxation, and any investment earnings on fund deposits shall be used to pay debt service on the bonds.