MS HB642

Authorizes issuance of general obligation bonds up to $5,000,000 to fund the Mississippi Watershed Repair and Rehabilitation Cost-Share Program, with all bonds to be issued by July 1, 2023

Bonds are general obligations of the State of Mississippi backed by full faith and credit, with principal and interest payable over a maximum term of 25 years from issuance

Bond proceeds must be deposited into a special fund for the Mississippi Soil and Water Conservation Commission to disburse for watershed district repairs, rehabilitation, or removal of water impoundment structures originally financed under federal law

Amends Section 51-37-3 to authorize the commission to receive and expend proceeds from these bonds in addition to existing funding sources

Bonds and income from bonds are exempt from all taxation in Mississippi and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies