MS SB2890

Authorizes issuance of general obligation bonds not to exceed $500,000 to assist the City of Mendenhall, Mississippi in constructing a water line from a new, unused water tank to utilize the city's water system.

Creates a special fund designated the "2020 Mendenhall Water Tank and System Fund" within the State Treasury to be maintained separately from the General Fund, with unexpended amounts and interest earnings retained in the fund.

Grants the State Bond Commission authority to issue, sell, and manage the bonds, determine sale method, and handle all costs incident to issuance and sale from bond proceeds.

Limits bond issuance to a maximum maturity of 25 years with interest rates subject to Mississippi Code Section 75-17-101, and prohibits any bonds from being issued after July 1, 2024.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment, exempts bonds and income from state taxation, and authorizes use of unexpended funds and investment earnings for debt service after project completion.