MS SB2763

Authorizes issuance of state general obligation bonds not to exceed $500,000 to fund the City of Jackson's purchase of right-of-way maintenance equipment for beautification and upkeep of city rights-of-way and entry points.

Creates a special fund designated the "2020 City of Jackson Right-of-Way Maintenance Equipment Purchase Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Department of Finance and Administration.

Establishes that bonds are general obligations of Mississippi with full faith and credit pledged; bonds may mature up to 25 years from issuance with interest rates not exceeding limits in Section 75-17-101, Mississippi Code of 1972.

No bonds may be issued under this section after July 1, 2024; upon project completion or abandonment, any remaining fund amounts shall be applied to pay debt service on the bonds.

Bonds and income therefrom are exempt from all taxation in Mississippi and constitute legal investments for trustees, fiduciaries, and financial institutions in the state.