MS SB3029

Authorizes the State Bond Commission to issue up to $250,000 in general obligation bonds to assist Lawrence County with construction costs of a new frontage road.

Creates a special fund designated "2020 Lawrence County Frontage Road Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for the frontage road project.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2024.

Pledges the full faith and credit of Mississippi to back the bonds, with any funding shortfalls paid by the State Treasurer from unappropriated state funds.

Bonds and income therefrom are exempt from state taxation and constitute legal investments for Mississippi trustees, fiduciaries, banks, and insurance companies.