MS SB3004

Authorizes issuance of state general obligation bonds not to exceed $150,000 to assist the City of Laurel in constructing a walking track in the northeast area of the city.

Creates a special fund designated "2020 Northeast Laurel Walking Track Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for the project.

Bonds may not be issued after July 1, 2024, and shall mature within twenty-five years from date of issue with interest rates not to exceed limits in Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to guarantee payment of bond principal and interest; any deficiency shall be paid from state treasury funds not otherwise appropriated.

Bonds are exempt from all taxation in Mississippi and are legal investments for trustees, fiduciaries, savings banks, and insurance companies organized under Mississippi law.