MS HB795

Authorizes issuance of up to $2,000,000 in state general obligation bonds to assist the City of Pascagoula with infrastructure improvements including roads, bridges, water and sewer infrastructure for economic development support.

Creates the "2019 City of Pascagoula Infrastructure Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds at the discretion of the Department of Finance and Administration.

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

Pledges the full faith and credit of the State of Mississippi to back the bonds, with any funding shortfalls to be covered by the State Treasurer from general treasury funds.

Bonds and income therefrom are exempt from all taxation in Mississippi and may be validated through Chancery Court in Hinds County following state bond validation procedures.