MS SB2965

Authorizes the State Bond Commission to issue up to $1,500,000 in general obligation bonds to assist the City of Ridgeland with costs of extending Rice Road from U.S. Highway 51 to the Ridgeland City Center.

Creates a special fund designated "2019 City of Ridgeland Rice Road Fund" within the State Treasury to receive bond proceeds and disburse them for the Rice Road extension project.

Bonds may have a maturity of up to 25 years, with interest rates not to exceed limits set in Mississippi Code Section 75-17-101, and must be issued by July 1, 2023.

Pledges the full faith and credit of Mississippi for bond repayment; bonds are exempt from state taxation and may be redeemed before maturity at the State's option.

Any remaining funds 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 payments.