MS HB756

Authorizes issuance of state general obligation bonds not to exceed $500,000 to assist the City of Jackson with improvements to Eubanks Creek, related bridges, and culverts for drainage and flood risk reduction purposes.

Creates a special fund designated "2019 City of Jackson Eubanks Creek Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the creek improvement projects.

Bonds must be issued by July 1, 2023, with a maturity period not exceeding 25 years from the date of issue, and interest rates subject to statutory limits in Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to secure the bonds; if appropriated funds are insufficient, the State Treasurer must pay any deficiency from unappropriated state funds.

Bond proceeds are exempt from state taxation, and any remaining funds after project completion must be applied to debt service on the bonds as directed by the State Bond Commission.