MS SB3002

Authorizes issuance of state general obligation bonds up to $3,000,000 to assist the City of Holly Springs with construction, reconstruction, repair, upgrades, and improvements to Mississippi Highway 178 and related infrastructure.

Creates a special fund called the "2019 City of Holly Springs Mississippi Highway 178 Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified projects.

Grants the State Bond Commission authority to determine bond terms including interest rates (not exceeding limits in Mississippi Code Section 75-17-101), maturity dates (up to 25 years), redemption provisions, and sale method.

Requires remaining funds in the special fund to be applied toward debt service on the bonds after projects are completed, abandoned, or deemed unable to be completed timely.

Bonds must be issued by July 1, 2023, and are backed by the full faith and credit of the State of Mississippi; bond income is exempt from state taxation.