MS HB1764

Authorizes issuance of up to $5,000,000 in state general obligation bonds to fund land acquisition and implementation of the East Metro Corridor project in Rankin County, Mississippi, assisting the East Metropolitan Corridor Commission representing Jackson Municipal Airport Authority, City of Brandon, City of Flowood, and City of Pearl.

Creates a special "2020 East Metro Corridor Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Mississippi Department of Transportation Local Public Agencies Division.

Bonds may be issued at any time before July 1, 2024, with maturity dates not exceeding 25 years from issue date and interest rates complying with Section 75-17-101, Mississippi Code of 1972.

Bonds are general obligations of the State of Mississippi backed by full faith and credit, with the State Treasurer authorized to issue warrants for payment of principal and interest when due.

Bond proceeds are exempt from state taxation, qualify as legal investments for trustees and fiduciaries, and may be validated through the Chancery Court of the First Judicial District of Hinds County.