MS HB846

Authorizes issuance of state general obligation bonds not exceeding $19,000,000 to fund improvements to Old Whitfield Road in Rankin County, Mississippi, from Pearson Road to Airport Road.

Creates a special fund designated the "2018 Old Whitfield Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for road repair, rehabilitation, resurfacing, construction, and reconstruction.

Bonds may be issued at any time before July 1, 2022, with maturity not exceeding 25 years from date of issue and interest rates subject to Mississippi Code limits.

Establishes that bonds are general obligations of the State of Mississippi backed by full faith and credit, with debt service payable from appropriated funds or State Treasury reserves if needed.

Any remaining fund balance after project completion shall be applied to pay debt service on the bonds, and bond income is exempt from state taxation.