MS HB1672

Authorizes issuance of state general obligation bonds up to $300,000 to assist the City of Collins, Mississippi with improvements to its industrial park.

Bond proceeds shall be used for railroad crossing construction, service road development, road paving, and water and sewer infrastructure upgrades in the industrial park.

Creates a special "2019 City of Collins Industrial Park Fund" within the State Treasury to receive and disburse bond proceeds, with unexpended amounts used for debt service after project completion.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits set by Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2023.

Bonds are backed by the full faith and credit of the State of Mississippi, are exempt from state taxation, and qualify as legal investments for trustees, fiduciaries, and financial institutions.