MS SB3083

Authorizes the State Bond Commission to issue up to $500,000 in general obligation bonds to assist the City of Magee, Mississippi with costs of improving its city lagoon.

Creates a special fund called the "2019 City of Magee Lagoon Improvement Fund" within the State Treasury to receive bond proceeds and disburse funds for the lagoon improvement project.

Bonds shall mature no later than 25 years from date of issue with interest rates not exceeding limits set by Mississippi Code Section 75-17-101, and all bonds must be issued by July 1, 2023.

Pledges the full faith and credit of the State of Mississippi to pay principal and interest on the bonds, with any deficiency paid from the State Treasury.

Bonds and their income are exempt from all Mississippi taxation and may be validated through the Chancery Court of the First Judicial District of Hinds County.