MS HB1636

Authorizes the issuance of state general obligation bonds not to exceed $80,000 to fund road and street repairs, reconstruction, upgrades, and improvements in the City of Port Gibson, Mississippi.

Creates a special "2020 City of Port Gibson Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the authorized projects under discretion of the Department of Finance and Administration.

Establishes that bond proceeds may only be issued until July 1, 2024, with maturity dates not exceeding 25 years from the date of issue, and interest rates cannot exceed limits set in Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to guarantee repayment of the bonds; any remaining fund balance after project completion shall be applied to debt service on the bonds.

Exempts the bonds and their income from all Mississippi state taxation and authorizes the State Bond Commission to manage the sale, issuance, and delivery of the bonds.