MS HB1596

Authorizes the State Bond Commission to issue up to $5,000,000 in general obligation bonds to fund improvements to School Street in Ridgeland, Mississippi.

Creates a special fund called the "2019 City of Ridgeland School Street Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for street repairs, rehabilitation, construction, widening, and upgrades.

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

Full faith and credit of the State of Mississippi is pledged to guarantee bond repayment, with any funding deficiencies paid from the State Treasury.

Bond proceeds and income are exempt from state taxation and may be used as legal investments by trustees, fiduciaries, banks, and insurance companies.