MS SB2024

Authorizes the State Bond Commission to issue general obligation bonds not to exceed $100,000 for drainage improvements to Foster Creek between two points where Mississippi Highway 33 crosses the creek near Crosby in Amite County.

Creates a special fund called the "2018 Foster Creek Drainage Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the drainage project under the Department of Finance and Administration's discretion.

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

Pledges the full faith and credit of the State of Mississippi to pay principal and interest on the bonds, with the State Treasurer obligated to cover any deficiencies from the general treasury.

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