MS HB918

Authorizes issuance of state general obligation bonds not to exceed $250,000 to assist Bolivar County, Mississippi in constructing and developing a biking trail from Terrene Landing ramp through the Town of Rosedale.

Creates the "2020 Bolivar County Biking Trail Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Department of Finance and Administration.

Bonds shall mature within 25 years from issuance date with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2024.

Full faith and credit of the State of Mississippi is pledged to repay bonds; if appropriated funds are insufficient, the State Treasurer shall pay deficiencies from unappropriated state funds.

Upon project completion or abandonment, any remaining fund balance shall be applied to pay debt service on the bonds; investment earnings on the fund shall also be used for debt service.