MS SB2999

Authorizes the issuance of state general obligation bonds up to $650,000 to assist the Town of Prentiss, Mississippi with Phase One of its Infrastructure Improvements Project.

Creates a special fund designated "2019 Town of Prentiss Infrastructure Improvements Project Fund" within the State Treasury to receive and disburse bond proceeds for the project.

Bonds may not be issued after July 1, 2023, and have a maximum maturity of 25 years from the date of issue.

The full faith and credit of the State of Mississippi is pledged to guarantee repayment of principal and interest on the bonds, with any shortfall paid from the State Treasury.

Bond proceeds are exempt from state taxation, and any unused funds remaining after project completion shall be applied to pay debt service on the bonds.