MS HB1638

Authorizes the issuance of state general obligation bonds not to exceed $103,400 to assist the City of Fayette, Mississippi with costs for reflective street striping, pavement markings, parking markings, and handicap access markings on Main Street.

Creates a special fund designated the "2020 City of Fayette - Main Street Improvements Fund" within the State Treasury, to be maintained separately from the General Fund with unexpended amounts and investment earnings retained in the fund.

Bonds shall mature within 25 years from issuance date, with interest rates not to exceed limits set in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2024.

Full faith and credit of the State of Mississippi is pledged to pay bond principal and interest; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from other state treasury funds.

Bond proceeds are exempt from Mississippi taxation, and the bonds are legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies organized under Mississippi law.