MS HB189

Authorizes issuance of up to $2,500,000 in state general obligation bonds to assist the City of Greenville, Mississippi with costs of constructing and extending Colorado Street from George Abraham Boulevard south to VFW Road, including land acquisition and professional services.

Creates a special fund designated "2020 City of Greenville - Colorado Street Extension Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under discretion of the Department of Finance and Administration.

Bonds may not be issued after July 1, 2024, and shall mature within 25 years of issuance with interest rates not to exceed limits in Mississippi Code Section 75-17-101.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state; any remaining funds after project completion shall be applied to pay debt service on the bonds.

Investment earnings on the special fund shall be used to pay debt service on bonds; bonds issued are exempt from state taxation and qualify as legal investments for trustees, banks, and insurance companies.