MS HB259

Authorizes issuance of up to $500,000 in state general obligation bonds to assist the Town of Tchula, Mississippi with repair, maintenance, and reconstruction of roads, streets, and bridges.

Creates a special fund designated "2019 Town of Tchula Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible projects.

Bonds may not be issued after July 1, 2023, and may mature up to 25 years from the date of issue.

Upon project completion, abandonment, or inability to complete in a timely fashion, any remaining fund balance shall be applied to pay debt service on the bonds.

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