MS SB2999

Authorizes issuance of up to $7,500,000 in state general obligation bonds for construction, furnishing, and equipping of a new Highway Safety Patrol Substation in Starkville, Mississippi.

Creates a special "2020 Department of Public Safety Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Department of Finance and Administration.

Bonds may be issued at any time or from time to time but not after July 1, 2024, with maturity not exceeding 25 years from issuance date.

Bonds are general obligations of the State of Mississippi backed by full faith and credit; state must pay from general treasury if appropriated funds are insufficient for principal and interest payments.

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