MS HB703

Authorizes issuance of state general obligation bonds up to $1,000,000 to assist the City of Charleston, Mississippi, with water, sewer, and infrastructure improvements along Mississippi Highway 32 and Highway 35.

Creates a special fund designated "2019 City of Charleston Infrastructure Improvement Fund" within the State Treasury to receive bond proceeds and disburse funds for the infrastructure projects.

Bonds may not be issued after July 1, 2023, and shall mature within 25 years from date of issue with interest rates not exceeding limits set in Mississippi Code Section 75-17-101.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; any insufficient appropriated funds shall be paid from the State Treasury.

Investment earnings on the fund and any remaining balance after project completion shall be applied to pay debt service on the bonds; bonds and income are exempt from Mississippi state taxation.