MS SB2987

Authorizes the issuance of state general obligation bonds up to $500,000 to assist the City of Mendenhall, Mississippi, with construction costs of a frontage road on the west side of U.S. Highway 49.

Creates a special fund designated "2019 City of Mendenhall Frontage Road Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for the project.

Grants the State Bond Commission authority to determine bond terms including interest rates (not exceeding limits in Section 75-17-101), maturity dates (up to 25 years), and sale method, with all bonds backed by the full faith and credit of Mississippi.

Specifies that no bonds may be issued after July 1, 2023, and any remaining funds after project completion shall be applied to pay debt service on the issued bonds.

Provides that bonds are tax-exempt in Mississippi and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies in the state.