MS SB2901

Authorizes issuance of up to $10,000,000 in state general obligation bonds to fund upgrades to the Kansas City Southern Rail Line south of Meridian, Mississippi.

Creates the "2020 Kansas City Southern Rail Line Upgrade Fund" within the State Treasury to hold bond proceeds and disburse funds for rail line upgrades at the discretion of the Department of Finance and Administration.

Bonds shall mature within 25 years, bear interest rates not exceeding limits set in Mississippi Code Section 75-17-101, and may be sold through sealed bids at public sale or negotiated sale as determined by the State Bond Commission.

All bonds issued are backed by the full faith and credit of the State of Mississippi, with any shortfall in appropriated funds to be paid from the State Treasury; bonds are exempt from Mississippi state taxation.

Bond issuance authority expires July 1, 2024, and remaining fund balances after project completion shall be applied to debt service on the bonds.