MS SB2976

Authorizes issuance of state general obligation bonds not to exceed $1,700,000 to assist Claiborne County with repairs and preventative maintenance of Grand Gulf Road, with no bonds issued after July 1, 2023.

Creates a special "2019 Grand Gulf Road Repair and Preventative Maintenance Fund" within the State Treasury to receive bond proceeds and disburse funds for road repair costs, including erosion correction that could impact the Grand Gulf Nuclear Station's Emergency Evacuation Plan.

Bonds may mature up to 25 years from issuance at interest rates not exceeding limits under Mississippi Code Section 75-17-101, with principal and interest payable semiannually or annually.

Pledges the full faith and credit of the State of Mississippi to pay bond obligations; if legislative appropriations are insufficient, the State Treasurer shall pay deficiencies from unappropriated state funds.

Bonds are exempt from state taxation and constitute legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies in Mississippi.