MS HB722

Authorizes issuance of up to $10,000,000 in state general obligation bonds to fund the Local System Bridge Replacement and Rehabilitation Fund.

Grants the State Bond Commission authority to declare necessity, prescribe bond forms, determine sale methods, and issue bonds with interest rates not exceeding limits in Mississippi Code Section 75-17-101.

Establishes bonds as general obligations with full faith and credit pledge of the State of Mississippi; any appropriation shortfalls shall be paid by the State Treasurer from general treasury funds.

Specifies bond proceeds shall be deposited into the Local System Bridge Replacement and Rehabilitation Fund under Section 65-37-13, with investment earnings applied to debt service on those bonds.

Exempts issued bonds and their income from all Mississippi state taxation and designates them as legal investments for trustees, fiduciaries, banks, and insurance companies.