MS SB2538

Authorizes the issuance of state general obligation bonds not to exceed $227,000 to assist Hinds County, Mississippi, in replacing a bridge on Meadowbrook Road located between Brussels Drive and Berlin Drive intersections.

Creates the "2019 Meadowbrook Road Bridge Replacement Fund" as a special fund within the State Treasury to receive bond proceeds and disburse funds for bridge replacement costs under the Department of Finance and Administration's discretion.

Grants the State Bond Commission authority to determine bond terms including denomination, interest rate (not to exceed limits in Section 75-17-101), maturity (not exceeding 25 years), and method of sale, with all costs of issuance payable from bond proceeds.

Pledges the full faith and credit of the State of Mississippi for bond repayment, with any shortfall to be paid by the State Treasurer from general funds; remaining fund amounts after project completion shall be applied to debt service.

Requires all bonds to be issued by July 1, 2023, and exempts bond proceeds and income from Mississippi state taxation; the act takes effect July 1, 2019.