MS HB1447

Authorizes issuance of $5,000,000 in state general obligation bonds to fund the Mississippi Ports Improvements Fund established under Section 57-1-731

Mississippi Development Authority may declare by resolution the necessity for bond issuance, with the State Bond Commission acting as issuing agent to sell and manage the bonds

Bonds must mature within 25 years from date of issue and no bonds may be issued after July 1, 2025

Bond proceeds are deposited into the Mississippi Ports Improvements Fund and disbursed solely upon order of the Mississippi Development Authority

Bonds and income from them are exempt from all state taxation and constitute legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies