MS SB2979

Authorizes issuance of state general obligation bonds up to $1,100,000 to assist Marshall County Board of Supervisors with improvements to Barringer Road for traffic flow at Chickasaw Trail Industrial Park.

Creates a special fund designated "2019 Barringer Road Improvement Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of Department of Finance and Administration.

Bonds must be issued by July 1, 2023, with maturity not exceeding 25 years from date of issue, and all principal and interest backed by full faith and credit of Mississippi.

Remaining funds in the special fund after project completion or abandonment shall be applied to pay debt service on the issued bonds.

Bonds are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies in Mississippi.