MS HB1614

Authorizes issuance of up to $2,000,000 in state general obligation bonds to assist Hancock County Board of Supervisors with dredging costs at the Hancock County Port and Harbor.

Creates a special "2019 Hancock County Port and Harbor Fund" within the State Treasury to receive bond proceeds and disburse funds for dredging project costs.

Bonds must be issued by July 1, 2023, with maturity not exceeding 25 years from date of issue and interest rates subject to Mississippi Code Section 75-17-101 limits.

State Bond Commission acts as issuing agent with authority to prescribe bond form, determine sale method, advertise for bids, and conduct public or negotiated sales.

Bonds are secured by the full faith and credit of the State of Mississippi and are exempt from state taxation; remaining fund amounts after project completion shall be applied to pay debt service on bonds.