MS SB3051

Authorizes the State Bond Commission to issue up to $10,500,000 in general obligation bonds to assist Jackson County in funding Phases II and III of an I-10 Connector Road project running parallel to and north of Interstate 10 from the Harrison-Jackson County border to Mississippi Highway 610.

Creates a special fund designated "2018 Jackson County I-10 Connector Road Fund" within the State Treasury to receive bond proceeds and disburse them for project costs under the Department of Finance and Administration's discretion.

Bonds may be issued anytime before July 1, 2022, with maturity dates not to exceed 25 years from issuance and interest rates compliant with Mississippi law.

Any unexpended funds remaining after project completion shall be applied to pay debt service on the bonds, and all investment earnings on the fund shall be used for debt service.

Bonds are secured by the full faith and credit of the State of Mississippi, are exempt from state taxation, and may be validated through Chancery Court proceedings.