MS SB2964

Authorizes issuance of up to $5,000,000 in state general obligation bonds to assist the City of Ridgeland with costs of repairing, rehabilitating, constructing, widening, and improving School Street.

Creates the "2019 City of Ridgeland School Street Improvements Fund" within the State Treasury to receive and disburse bond proceeds for the authorized improvements.

Grants the State Bond Commission authority to determine bond terms including interest rates (not exceeding statutory limits), maturity dates (up to 25 years), and sale methods, with all costs of issuance and sale paid from bond proceeds.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment, with any shortfalls paid from the State Treasury; bonds are exempt from state taxation and qualify as legal investments for fiduciaries and financial institutions.

Bonds must be issued by July 1, 2023; any remaining fund balance after project completion shall be applied to debt service on the bonds.