MS SB2884

Authorizes issuance of up to $2,200,000 in state general obligation bonds to assist Yalobusha County with demolition and replacement costs for the damaged Gum's Crossing Bridge on County Road 221.

Creates a special fund titled "2020 Yalobusha County Road 221 Bridge Replacement Fund" within the State Treasury to receive bond proceeds and disburse funds for the bridge project.

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

The State Bond Commission serves as issuing agent and may sell bonds through sealed bids at public sale or negotiate sales; all costs of issuance and sale may be paid from bond proceeds.

Bonds are full general obligations of the state backed by its full faith and credit; any remaining funds after project completion shall be used for bond debt service.