MS SB2986

Authorizes the issuance of state general obligation bonds not to exceed $2,000,000 to assist the Town of Shuqualak, Mississippi with costs of street resurfacing projects.

Creates a special fund designated the "2019 Town of Shuqualak Street Resurfacing Fund" within the State Treasury to receive bond proceeds and disburse funds for the street resurfacing project.

Bonds may be issued by the State Bond Commission at any time before July 1, 2023, with maturity not to exceed 25 years from date of issue and interest rates subject to applicable Mississippi law limits.

Pledges the full faith and credit of the State of Mississippi to guarantee payment of principal and interest, with any shortfall to be paid from the State Treasury's general funds.

Bonds and income derived from them are exempt from all taxation in Mississippi and constitute legal investments for trustees, fiduciaries, banks, and insurance companies.