MS SB3091

Authorizes issuance of up to $1,000,000 in state general obligation bonds to assist the City of Charleston, Mississippi with water, sewer, and infrastructure improvements along Mississippi Highway 32 and Highway 35.

Creates the "2019 City of Charleston Infrastructure Improvement Fund" within the State Treasury to receive bond proceeds and disburse funds at the discretion of the Department of Finance and Administration.

Bonds shall mature within 25 years from issuance, bear interest not to exceed limits in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2023.

Bonds are general obligations of Mississippi with full faith and credit pledged; any remaining fund balance after project completion shall be applied to debt service on the bonds.

Bonds and income are exempt from all Mississippi state taxation and are legal investments for trustees, fiduciaries, and financial institutions.