MS SB2435

Authorizes the State Bond Commission to issue up to $3,150,000 in general obligation bonds to fund water system expansion, upgrades, and improvements for the Progress Community Water Association in Lamar County, Mississippi.

Creates a special fund called the "2019 Progress Community Water Association Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs.

Bonds may be issued any time before July 1, 2023, with a maturity period not exceeding 25 years and interest rates subject to Mississippi law limits.

Bonds are backed by the full faith and credit of the State of Mississippi, are exempt from state taxation, and qualify as legal investments for trustees, banks, and insurance companies.

Any remaining fund balance after project completion shall be applied to debt service on the bonds, and investment earnings on the fund shall be used for bond debt service payments.