MS SB2994

Authorizes the issuance of state general obligation bonds not to exceed $300,000 to assist the City of Bay Springs, Mississippi with costs associated with repairing city streets.

Creates a special fund designated the "2020 City of Bay Springs Street Improvement Fund" within the State Treasury to receive and disburse bond proceeds for street repair projects.

Grants the State Bond Commission authority to issue, sell, and manage the bonds, which shall mature within 25 years and bear interest at rates not exceeding limits set by Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to guarantee bond payment; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from other state funds.

Establishes that no bonds may be issued under this authority after July 1, 2024, and that bond proceeds and any remaining funds shall be used solely for street repair costs or debt service on the bonds.