MS HB1594

Authorizes the State Bond Commission to issue up to $8,000,000 in general obligation bonds to fund roundabout projects and improvements at the intersection of University Avenue and Mississippi Highway 7 in Oxford.

Creates the "2019 City of Oxford-University Avenue/Mississippi Highway 7 Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds to the City of Oxford for the authorized projects.

Bonds may be issued at any time up to July 1, 2023, with a maximum maturity of 25 years from the date of issue and interest rates not to exceed limits set by Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment; any insufficient appropriated funds result in the State Treasurer paying the deficiency from the State Treasury.

Bonds and their income are exempt from all taxation in Mississippi and may be validated through the Chancery Court of the First Judicial District of Hinds County.