MS SB3078

Amends Chapter 977, Local and Private Laws of 1994 to authorize the West Rankin Utility Authority to issue revenue bonds for acquisition, construction, and operation of wastewater collection, water treatment and distribution, and solid waste disposal systems in Rankin County.

Requires payments made by public agency members to the authority for bond principal and interest be deposited in a segregated bank account, used solely for paying those specific bonds, and given exclusive first priority lien status with no availability for other authority obligations.

Establishes that such member payments are not subject to lien or attachment by authority creditors and shall not be considered authority revenues available for operation, maintenance, or other costs.

Allows the authority to issue bonds through a three-fifths board vote plus concurrent approval of directors representing 60% of preceding fiscal year system payments, with bonds secured by pledged revenues from member contracts and system operations.

Exempts the authority and its member agencies from property taxes, recording fees, and transfer taxes; designates bonds as legal investments for fiduciaries, banks, and insurance companies.