MS HB1603

Authorizes issuance of state general obligation bonds not to exceed $500,000 to fund infrastructure improvements in Claiborne, Franklin, Jefferson, and Warren Counties, Mississippi.

Creates the "2019 Claiborne, Franklin, Jefferson and Warren Counties Infrastructure Improvements Fund" with $125,000 allocated to each of the four counties for infrastructure costs.

Bonds may be issued at any time by the State Bond Commission until July 1, 2023, with maturity not exceeding 25 years from date of issue.

Pledges the full faith and credit of Mississippi to pay principal and interest; any funds appropriated by the Legislature insufficient for payment shall be covered by the State Treasurer from unappropriated state funds.

Investment earnings on deposited funds and any remaining balances after project completion shall be applied to pay debt service on the bonds issued under this act.