MS SB2129

Authorizes the State Bond Commission to issue up to $1,000,000 in general obligation bonds to assist the Kemper County Natural Gas District with constructing a natural gas pipeline to the East Mississippi Community College campus in Scooba.

Creates a special fund designated the "2020 Kemper County Natural Gas District Fund" within the State Treasury to receive bond proceeds and any interest earnings, with funds disbursed at the discretion of the Department of Finance and Administration.

Bonds shall mature within 25 years from issuance, bear interest at rates not exceeding limits in Mississippi Code Section 75-17-101, and be payable semiannually or annually, with the full faith and credit of the State pledged for repayment.

All bond proceeds remaining after project completion, abandonment, or if the project cannot be completed timely shall be applied to pay debt service on the bonds as directed by the State Bond Commission.

No bonds may be issued after July 1, 2024, and bond income is exempt from all Mississippi state taxation.