MS SB3030

Authorizes issuance of state general obligation bonds not to exceed $3,500,000 to assist the City of Brookhaven in reconstructing a segment of Brookway Boulevard, including reducing driveway conflicts, enclosing roadside ditches, providing medians, and upgrading signals.

Creates a special fund designated "2020 Brookhaven Brookway Boulevard Reconstruction Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under discretion of the Department of Finance and Administration.

Bonds may mature up to 25 years from issue date with interest rates not exceeding limits in Mississippi Code Section 75-17-101, with principal and interest payable semiannually or annually.

No bonds may be issued after July 1, 2024; any remaining funds after project completion shall be applied to pay debt service on the bonds.

Bonds are backed by the full faith and credit of the State of Mississippi, are exempt from state taxation, and are legal investments for trustees, banks, and insurance companies.