MS SB2993

Authorizes issuance of state general obligation bonds not to exceed $900,000 to assist the Town of Heidelberg, Mississippi with street improvement costs, with no bonds to be issued after July 1, 2024.

Creates a special fund called the "2020 Town of Heidelberg Street Improvement Fund" within the State Treasury to be used for leveling, asphalt, and shoulder work on four municipal streets: North Magnolia Avenue ($350,000), Beech Street ($150,000), West Poplar Street ($200,000), and South Poplar Street ($200,000).

Grants the State Bond Commission authority to issue, sell, and manage the bonds, determine sale methods, advertise and accept bids, and prescribe bond terms including interest rates, maturity dates not exceeding 25 years, and redemption options.

Pledges the full faith and credit of the State of Mississippi to guarantee bond payment; if legislative appropriations are insufficient, the State Treasurer shall pay any deficiency from general treasury funds.

Exempts bonds from state taxation and authorizes investment of bond proceeds solely for the specified street improvement purposes, with any remaining funds after project completion to be applied to debt service on the bonds.