MS HB1616

Authorizes Mississippi to issue general obligation bonds not to exceed $175,000 to assist Neshoba County with improvements to County Road 832 and related infrastructure.

Creates a special fund designated "2019 Neshoba County - County Road 832 Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for road repair, rehabilitation, resurfacing, and construction.

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

Pledges the full faith and credit of Mississippi to repay the bonds; if appropriated funds are insufficient, the State Treasurer must cover any deficiency from unappropriated state funds.

Bonds and their income are exempt from Mississippi state taxation and are legal investments for trustees, fiduciaries, banks, and insurance companies operating in the state.