MS HB144

Authorizes the State Bond Commission to issue up to $500,000 in state general obligation bonds to assist the Town of Tchula, Mississippi with repair, maintenance, and reconstruction of roads, streets, and bridges.

Creates a special fund designated as the "2020 Town of Tchula Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified projects.

Bonds may be issued at any time until July 1, 2024, with a maximum maturity of 25 years and interest rates not to exceed limits set in Mississippi Code Section 75-17-101.

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

Bonds and their income are exempt from all Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies.