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MS SB2954
Bill
AI Summary
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Authorizes issuance of up to $5,000,000 in state general obligation bonds to assist the City of Biloxi with costs of improvements to Division Street and Forrest Avenue related to construction of a new main entry gate at Keesler Air Force Base.
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Creates a special fund designated "2019 Division Street and Forest Avenue Improvement Fund" within the State Treasury to receive bond proceeds and disburse funds for the approved projects.
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Authorizes the State Bond Commission to determine bond terms including maturity dates (not to exceed 25 years), interest rates, and sale method, with all bonds backed by the full faith and credit of the State of Mississippi.
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Specifies that any remaining fund balance after project completion shall be applied to pay debt service on the bonds, and investment earnings on the fund shall also be used for debt service.
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Establishes July 1, 2023 as the deadline for bond issuance and takes effect July 1, 2019.
Legislative Description
Bonds; authorize to assist Biloxi in paying costs of street improvements related to the construction of a new main gate at Keesler AFB.
Last Action
Died In Committee
2/27/2019