MS HB899

Authorizes issuance of state general obligation bonds not to exceed $290,000 to assist the City of Baldwyn with repair, replacement, construction, upgrades, and improvements to drainage pipes, structures, and related infrastructure for Industrial Park Drive.

Creates a special fund designated the "2019 City of Baldwyn Industrial Park Drive Drainage 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 have a maturity period not to exceed 25 years from date of issue and must be issued by July 1, 2023; the State Bond Commission acts as issuing agent and may sell bonds through sealed bids at public sale or negotiated sale.

Bonds are general obligations of Mississippi backed by the full faith and credit of the state; if appropriated funds are insufficient, the State Treasurer must pay any deficiency from the State Treasury.

Bonds and income therefrom are exempt from all taxation in Mississippi and may be validated in Chancery Court of the First Judicial District of Hinds County; unused funds shall be applied to pay debt service on the bonds.