MS HB1742

Authorizes issuance of state general obligation bonds not to exceed $9,000,000 to fund infrastructure upgrades at the intersection of Mississippi Highway 7 and University Avenue in Oxford.

Creates a special fund called the "2020 Oxford Intersection Capacity and Safety Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the project.

Bonds may be issued at any time or in multiple installments by the State Bond Commission, with maturity not to exceed 25 years and interest rates subject to statutory limits.

Remaining funds in the special fund after project completion shall be applied to pay debt service on the bonds, and investment earnings on fund amounts shall be used for debt service payments.

All bonds are general obligations of the state with full faith and credit pledged; bonds are tax-exempt and cannot be issued after July 1, 2024.