MS HB1588

Authorizes issuance of state general obligation bonds up to $5,000,000 to fund repairs, repaving, and improvements to Grand Gulf Road in Port Gibson, Mississippi.

Creates a special "2019 Grand Gulf Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the road project under Department of Finance and Administration discretion.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and cannot be issued after July 1, 2023.

Pledges the full faith and credit of the State of Mississippi to guarantee bond payments, with any shortfall to be paid from the State Treasury.

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