MS SB2995

Authorizes the State Bond Commission to issue up to $300,000 in general obligation bonds to assist the Town of Louin, Mississippi with water line replacement costs.

Creates a special fund designated "2020 Town of Louin Water Line Replacement Fund" within the State Treasury to receive bond proceeds and disburse funds for the water line project.

Bonds may not be issued after July 1, 2024 and shall mature within 25 years from the date of issue.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with principal and interest payable from state appropriations or other available funds.

Bond proceeds and investment earnings are exempt from state taxation and any remaining funds after project completion shall be applied to pay debt service on the bonds.