MS SB2888

Authorizes the State Bond Commission to issue state general obligation bonds not to exceed $5,710,195.00 to assist Perry County, Mississippi with costs of improvements to its industrial park, including water and sewer extensions, roadway and rail construction.

Creates a special "2020 Perry County Industrial Park Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the authorized improvements under direction of the Department of Finance and Administration.

Bonds may be issued at any time or in installments at the Commission's discretion, with maturity not exceeding 25 years and interest rates compliant with Mississippi Code Section 75-17-101; no bonds may be issued after July 1, 2024.

Full faith and credit of the State of Mississippi is pledged for payment of bonds and interest, with any deficiency paid from the State Treasury; bonds are exempt from state taxation and qualify as legal investments for fiduciaries and financial institutions.

Remaining funds in the special fund after project completion or abandonment shall be applied to pay debt service on the bonds, and any investment earnings on the fund shall be used for debt service.