MS SB2977

Authorizes issuance of state general obligation bonds up to $807,000 to assist Clay County, Mississippi, with improvements to Churchill Road in West Point, including asphalt overlay, leveling, excavation, base repair, erosion control, and traffic maintenance.

Creates the "2019 Churchill Road Improvement Fund" within the State Treasury as a separate fund to receive and disburse bond proceeds, with unexpended amounts and investment earnings to be used for debt service on the bonds.

Grants the State Bond Commission authority to issue bonds with terms up to 25 years from date of issue, determine interest rates (within limits), prescribe bond forms, and manage the sale of bonds through public bid or negotiation.

Pledges the full faith and credit of the State of Mississippi to pay bond principal and interest; provides that any insufficient appropriations shall be paid by the State Treasurer from general treasury funds.

Requires bond proceeds to be disbursed solely upon order of the Department of Finance and Administration and prohibits issuance of bonds after July 1, 2023.