MS SB3022

Authorizes the issuance of state general obligation bonds not to exceed $286,000 to provide funds for sidewalk repairs in the Town of Ackerman, Mississippi.

Creates a special fund designated the "2020 Ackerman Sidewalk Repair Fund" within the State Treasury to receive bond proceeds and disburse them for sidewalk repair costs.

No bonds may be issued under this authority after July 1, 2024, with bonds having a maximum maturity of 25 years from the date of issue.

Bonds are backed by the full faith and credit of the State of Mississippi, with debt service payable from state appropriations or any unappropriated funds in the State Treasury.

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