MS HB1637

Authorizes the State Bond Commission to issue up to $133,000 in general obligation bonds to fund repair, reconstruction, upgrades, and improvements to Spring Street in the City of Fayette, Mississippi.

Creates a special fund called the "2020 City of Fayette-Spring Street Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under Department of Finance and Administration discretion.

Bonds may be issued at any time up to July 1, 2024, with maturity not to exceed 25 years from issuance and interest rates subject to Mississippi Code limits.

Pledges the full faith and credit of Mississippi to pay bond principal and interest; any insufficiency in appropriated funds requires the State Treasurer to pay from the General Treasury.

Bonds are exempt from Mississippi taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies; takes effect July 1, 2020.