MS HB1592

Authorizes issuance of $2,830,000 in state general obligation bonds to provide matching funds for federal funds in the Water Pollution Control Revolving Fund.

Bonds will be issued by the State Bond Commission at rates not exceeding limits set in Section 75-17-101, with maturity not to exceed 25 years from date of issue.

Amends Section 49-17-85 to allow interest and investment earnings on the Water Pollution Control Revolving Fund to be used to pay principal and interest on the authorized bonds as they become due.

Full faith and credit of the State of Mississippi is pledged to pay bonds; if fund earnings and appropriated funds are insufficient, the State Treasurer must pay any deficiency from the State Treasury.

Bond proceeds are exempt from state taxation and shall be deposited into the Water Pollution Control Revolving Fund for use in assisting political subdivisions with water pollution control projects.