MS SB3000

Authorizes issuance of up to $9,000,000 in state general obligation bonds to fund infrastructure improvements at the intersection of Mississippi Highway 7 and University Avenue in Oxford.

Creates a special fund designated "2020 Oxford Intersection Capacity and Safety Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds to the Mississippi Transportation Commission and Department of Transportation.

Bonds must be issued by July 1, 2024, with a maximum maturity of 25 years and interest rates not exceeding limits set in Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to back the bonds; any insufficiency in appropriated funds requires payment from the State Treasury.

Bond proceeds are tax-exempt and proceeds may only be used for the specified intersection improvements and costs incident to bond issuance and sale.