MS SB3018

Authorizes issuance of up to $150,000 in state general obligation bonds to assist the Village of Pittsboro, Mississippi with water tank repair costs.

Creates a special "2020 Pittsboro Water Tank Repair Fund" within the State Treasury to receive bond proceeds and disburse funds for the water tank project.

Bonds may not be issued after July 1, 2024 and shall mature within 25 years from date of issue with interest rates not to exceed limits set in Mississippi Code Section 75-17-101.

Any remaining funds after project completion shall be applied to pay debt service on the bonds, and investment earnings on the fund shall also be used for debt service.

Bonds are backed by the full faith and credit of the State of Mississippi and are exempt from state taxation.