MS SB2188

Authorizes issuance of up to $1,000,000 in state general obligation bonds to assist the Town of Crosby, Mississippi with repair, rehabilitation, reconstruction and improvement of its surface water drainage system.

Creates a special fund designated "2018 Town of Crosby Surface Water Drainage System Improvement Fund" within the State Treasury to receive bond proceeds and disburse funds for authorized projects.

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

Full faith and credit of the State of Mississippi is pledged to pay principal and interest on the bonds, with any deficiency paid by the State Treasurer from general state funds.

Bonds are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, banks, trust companies and insurance companies organized under Mississippi law.