MS SB2992

Authorizes the State Bond Commission to issue general obligation bonds not to exceed $150,000 to assist Jasper County, Mississippi in funding an upgrade to the Beaver Meadow Community Volunteer Fire Department Station to house a new fire engine.

Creates a special fund designated the "2020 Beaver Meadow Community Volunteer Fire Department Station Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under direction of the Department of Finance and Administration.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2024.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, exempt from state taxation, and constitute legal investments for fiduciaries and financial institutions.

Any remaining project funds shall be applied to debt service on the bonds once the project is completed, abandoned, or deemed unable to be completed in a timely fashion, as certified by the State Bond Commission.