MS SB2942

Authorizes issuance of up to $1,000,000 in state general obligation bonds to assist City of Baldwyn, Mississippi with improvements and upgrades to its natural gas system transmission line and related infrastructure.

Creates the "2018 City of Baldwyn Natural Gas System Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the natural gas system project.

Bonds may not be issued after July 1, 2022, and shall mature within 25 years from the date of issue, with interest rates not to exceed limits under Mississippi Code Section 75-17-101.

Upon project completion, abandonment, or determination that timely completion is not possible, any remaining fund amounts shall be applied to pay debt service on the bonds.

Bonds are general obligations of the State of Mississippi backed by full faith and credit; income from bonds is exempt from state taxation.