MS HB197

Authorizes the State Bond Commission to issue up to $50,000,000 in general obligation bonds to fund the Emergency Road and Bridge Repair Fund created in Section 65-1-179.

Bonds may be issued through July 1, 2025, with maturities not to exceed 25 years from date of issue and interest rates within limits set by Mississippi Code Section 75-17-101.

Bond proceeds shall be deposited into the Emergency Road and Bridge Repair Fund, with investment earnings used to pay debt service on the bonds.

Bonds are full faith and credit obligations of the State of Mississippi, with principal and interest paid from appropriated funds or the State Treasury if insufficient.

Bonds are exempt from Mississippi state taxation and may serve as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies.