MS HB807

Authorizes issuance of up to $2,000,000 in state general obligation bonds to assist Oktibbeha County in completing road project DECD-0053(15)80.

Creates a special "2020 Oktibbeha County Road Project Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs.

Bonds may be issued at any time before July 1, 2024, with maturity dates not exceeding 25 years from issuance and interest rates not to exceed limits in Mississippi Code Section 75-17-101.

State pledges full faith and credit to guarantee principal and interest payments; if appropriated funds are insufficient, State Treasurer must pay deficiencies from unappropriated state funds.

Any unexpended fund amounts remaining after project completion or abandonment shall be applied to pay debt service on the bonds; investment earnings on the fund also support debt service.