MS SB2996

Authorizes issuance of up to $500,000 in state general obligation bonds to assist City of Laurel, Mississippi with street and intersection repairs.

Bond proceeds shall fund repairs to South 16th Avenue & Ellisville Boulevard ($150,000), Brown Street ($50,000), and Martin Luther King Avenue ($300,000).

Creates the "2020 City of Laurel Street Improvement Fund" as a separate special fund within the State Treasury to receive and disburse bond proceeds for the specified projects.

Bonds must be issued by July 1, 2024, with a maturity period not exceeding 25 years and interest rates subject to Mississippi Code limits.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state; bond income is exempt from state taxation.