MS HB1463

Authorizes issuance of state general obligation bonds up to $200,000 to assist the City of Jackson in purchasing right-of-way maintenance equipment.

Creates a special fund called the "2020 City of Jackson Right-of-Way Maintenance Equipment Fund" within the State Treasury to receive and disburse bond proceeds for eligible equipment purchases.

Bonds may not be issued after July 1, 2024, and may have a maturity of up to 25 years with interest rates set by the State Bond Commission.

Full faith and credit of the State of Mississippi is pledged to back the bonds, and any insufficient appropriated funds for debt service shall be paid from the State Treasury.

Bond proceeds and income are exempt from all state taxation, and unexpended amounts remaining in the special fund after project completion shall be applied to pay debt service on the bonds.