SB 3093 Summary

• Authorizes issuance of state general obligation bonds up to $200,000 to assist the Town of Summit, Mississippi with purchasing and installing fire hydrants, enlarging water service lines for fire hydrant capacity, and repairing asphalt paving on streets disrupted by the water line work.

• Creates a special fund called the "2019 Town of Summit Fire Hydrant Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified projects under direction of the Department of Finance and Administration.

• Bonds may not be issued after July 1, 2023, and must mature within 25 years from date of issue with interest rates not exceeding limits set by Mississippi Code Section 75-17-101.

• Establishes that bonds are general obligations of Mississippi with full faith and credit pledged; any investment earnings on the fund shall be used for debt service on the bonds.

• After projects are completed, abandoned, or cannot be completed timely, any remaining fund amounts must be applied to pay bond debt service as directed by the State Bond Commission.