MS SB2321

Authorizes issuance of up to $10,000,000 in state general obligation bonds to fund the Local System Bridge Replacement and Rehabilitation Fund under Mississippi Code Section 65-37-13.

Bonds may be issued at one time or over time, with a deadline of July 1, 2024 for all issuances, and may mature up to 25 years from date of issue.

State Bond Commission acts as issuing agent with authority to determine bond form, sale method, advertise for bids, and negotiate sales; full faith and credit of the State of Mississippi pledges repayment.

Bond proceeds deposited into the Local System Bridge Replacement and Rehabilitation Fund with disbursements made solely by the Department of Finance and Administration under restrictions in the issuance resolution.

Bonds and income are exempt from Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies.