MS SB3076

Authorizes issuance of up to $50,000 in state general obligation bonds to assist Itawamba County Board of Supervisors with widening, upgrading, and enhancing two bridges on Boat Ramp Road.

Creates a special fund called the "2019 Boat Ramp Road Bridge Improvement Fund" within the State Treasury to receive and disburse bond proceeds for the bridge projects.

Bond proceeds must be used solely for project costs, with any remaining funds applied to debt service on the bonds after the projects are completed, abandoned, or cannot be completed timely.

Bonds may be issued anytime before July 1, 2023, with a maturity period not exceeding 25 years, and shall be backed by the full faith and credit of the State of Mississippi.

Bond proceeds and income are exempt from all state taxation, and the bonds are legal investments for trustees, fiduciaries, and financial institutions in Mississippi.