MS SB2506

Authorizes the issuance of up to $4,000,000 in state general obligation bonds to provide matching funds for a $20,000,000 federal TIGER grant for Phase IV of the Byram-Clinton Parkway in Hinds County, Mississippi.

Creates a special fund designated as the "2018 Byram-Clinton Parkway Project Construction Fund" within the State Treasury to receive and disburse bond proceeds and federal grant matching funds.

Bonds may be issued at any time or from time to time before July 1, 2022, with a maximum maturity of 25 years from issuance date and interest rates not to exceed limits in Mississippi Code Section 75-17-101.

Bonds are backed by the full faith and credit of the State of Mississippi, making them general obligations of the state with principal and interest payable from appropriated funds or the State Treasury if insufficient.

Bond proceeds and any unexpended funds or investment earnings remaining after project completion shall be applied to pay debt service on the issued bonds; bonds are exempt from state taxation and qualify as legal investments for trustees and financial institutions.