MS SB2987

Authorizes issuance of up to $150,000 in state general obligation bonds to assist the Town of Ashland, Mississippi with improvements to its Town Maintenance Shop Building and Facility.

Creates a special fund designated "2020 Ashland Town Maintenance Shop Building and Facility Improvements Fund" within the State Treasury to receive and disburse bond proceeds for the authorized projects.

Bonds may not be issued after July 1, 2024, and shall mature within 25 years from date of issue at interest rates not exceeding limits set by Mississippi Code Section 75-17-101.

Bonds are backed by the full faith and credit of the State of Mississippi, with principal and interest payable from appropriated funds or the State Treasury if insufficient funds are available.

Unexpended amounts remaining in the fund after project completion shall be applied to pay debt service on the issued bonds, and investment earnings on fund amounts shall be used for debt service.