MS HB1566

Authorizes the State Bond Commission to issue up to $1,500,000 in general obligation bonds to assist the City of Greenville, Mississippi with costs of constructing and extending Colorado Street from George Abraham Boulevard to VFW Road, including land acquisition and professional services.

Creates a special fund designated "2019 City of Greenville - Colorado Street Extension Fund" within the State Treasury to receive bond proceeds and disburse funds for the Colorado Street project.

Bonds may have maturity dates up to 25 years from issuance, with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2023.

Pledges the full faith and credit of the State of Mississippi to guarantee payment of principal and interest; any remaining fund balance after project completion shall be applied to debt service on the bonds.

Bonds are exempt from Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, and insurance companies organized under state law.