MS SB2472

Authorizes the issuance of state general obligation bonds not to exceed $6,200,000 to fund improvements to Broadway Street (from Deaton Street to Magnolia Street) and Reed Road (from Canal No. 9 to Raceway Road) in Greenville, Mississippi.

Creates the "2020 City of Greenville-Broadway Street and Reed Road Improvements Fund" as a special fund in the State Treasury to receive bond proceeds and disburse funds for street repair, rehabilitation, resurfacing, and reconstruction costs.

Bonds may be issued at any time or from time to time by the State Bond Commission but no bonds shall be issued after July 1, 2024, with a maximum maturity of 25 years from the date of issue.

Bonds are backed by the full faith and credit of the State of Mississippi; any insufficiency in appropriated funds shall be paid by the State Treasurer from unappropriated state funds.

Interest earnings on the special fund shall be used to pay bond debt service, and upon project completion or abandonment, remaining fund balances shall be applied to pay debt service on the issued bonds.