MS HB1606

Authorizes the issuance of state general obligation bonds not to exceed $200,000 to assist Covington County with construction and development of a service road, median, crossover, and related infrastructure along U.S. Highway 49 near the Seminary Community Center.

Creates a special fund designated the "2019 Covington County, Service Road Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under the discretion of the Department of Finance and Administration.

Bonds shall mature within 25 years from date of issue, bear interest at rates not to exceed limits set by Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2023.

Establishes that bonds are general obligations of the State of Mississippi with full faith and credit pledged for payment, making them legal investments for trustees, fiduciaries, and insurance companies in the state.

Provides that bond proceeds shall be used solely for the stated project purposes, and remaining funds after project completion shall be applied to pay debt service on the bonds.