MS SB2982

Authorizes issuance of state general obligation bonds up to $3,000,000 to fund the Gulf Coast Rail Project through the Mississippi Department of Transportation.

Creates the "2019 Gulf Coast Rail Project Fund" as a special fund in the State Treasury to receive bond proceeds and disburse funds for project expenses.

Bonds may not exceed 25 years maturity, bear interest within statutory limits, and all issuance and sales costs paid from bond proceeds; no bonds may be issued after July 1, 2023.

Bonds are general obligations of Mississippi with full faith and credit pledge; holders may enforce rights through legal action, and bonds are exempt from state taxation.

Any remaining fund balance after project completion shall be applied to debt service on the bonds as directed by the State Bond Commission.