MS SB3027

Authorizes the State Bond Commission to issue up to $950,000 in general obligation bonds to assist the City of Meridian with costs associated with road construction and improvements for the Sela Ward Parkway Project.

Creates a special fund designated the "2020 Meridian Sela Ward Parkway Project Fund" within the State Treasury to receive bond proceeds and disburse funds to the city at the discretion of the Department of Finance and Administration.

Bonds may have interest rates not exceeding limits set by Mississippi Code Section 75-17-101, mature within 25 years of issuance, and may be redeemable before maturity; no bonds shall be issued after July 1, 2024.

Bonds are backed by the full faith and credit of the State of Mississippi, and any remaining funds after project completion shall be applied to pay debt service on the issued bonds.

Bonds and their income are exempt from all taxation in Mississippi and are legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies.