MS SB2916

Authorizes issuance of up to $5,000,000 in state general obligation bonds to assist the City of Canton, Mississippi with flooding alleviation costs, with no bonds to be issued after July 1, 2024.

Creates the "2020 City of Canton Flood Alleviation Fund" as a separate special fund in the State Treasury to receive and disburse bond proceeds for flood-related projects.

Establishes that the State Bond Commission will act as issuing agent, determine bond sale methods, and manage all aspects of bond issuance and sale, with bonds maturing no more than 25 years from issuance.

Pledges the full faith and credit of the State of Mississippi to back the bonds, requiring the State Treasurer to cover any shortfalls in debt service from unappropriated state funds.

Exempts bonds and their income from all Mississippi state taxation and makes them legal investments for trustees, fiduciaries, savings banks, and insurance companies.