MS SB2988

Authorizes issuance of up to $110,000 in state general obligation bonds to assist Pontotoc County, Mississippi with costs of paving a parking lot and creating a rear access road for the Pontotoc County Extension Service facility.

Creates the "2020 Pontotoc County Extension Service Facility Parking Lot and Access Road Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified projects.

Bonds must be issued by July 1, 2024, with a maturity date not to exceed 25 years from issuance and interest rates subject to Mississippi law limits.

Establishes that bonds are general obligations of Mississippi backed by the full faith and credit of the state, with the state treasury covering any payment deficiencies.

Any remaining funds after project completion shall be applied to pay debt service on the bonds, and bond income is exempt from state taxation.