MS HB1155

Authorizes issuance of state general obligation bonds up to $400,000 to assist the City of Starkville with drainage improvements and related work in the Rosedale subdivision.

Creates a special "2019 City of Starkville Drainage Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified projects.

Bonds may be issued at any time until July 1, 2023, with a maturity period not to exceed 25 years and interest rates subject to Mississippi law limits.

Pledges the full faith and credit of the State of Mississippi to guarantee payment of principal and interest; any shortfall shall be paid from the State Treasury from non-appropriated funds.

Upon project completion or abandonment, remaining funds in the special fund shall be applied to pay debt service on the bonds; bond proceeds and income are exempt from state taxation.