MS HB1567

Authorizes issuance of state general obligation bonds not to exceed $3,000,000 to assist the City of Holly Springs with construction, reconstruction, repair, upgrades, and improvements to Mississippi Highway 178 and related infrastructure.

Creates a special fund titled "2019 City of Holly Springs Mississippi Highway 178 Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified projects.

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

State Bond Commission acts as issuing agent and may sell bonds through public sealed bids or negotiated sale; all issuance costs paid from bond proceeds.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest; remaining funds after project completion shall be applied to debt service on the bonds.