House Bill 425 Summary

• Authorizes the State Bond Commission to issue up to $19,000,000 in general obligation bonds to fund improvements to Old Whitfield Road in Rankin County from Pearson Road to Airport Road.

• Creates a special "2019 Old Whitfield Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for road repair, rehabilitation, resurfacing, construction, and reconstruction costs.

• Bonds may be issued at any time until July 1, 2023, with maturity dates not to exceed 25 years and interest rates subject to Section 75-17-101 of Mississippi Code.

• Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment, with any shortfalls covered by the State Treasurer from general funds.

• Bonds are exempt from state taxation and qualify as legal investments for trustees, banks, and insurance companies.