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MS HB491
Bill
Status
Failed
2/24/2021
Primary Sponsor
Larry Byrd
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AI Summary
- Authorizes the State Bond Commission to issue general obligation bonds up to $50,000,000 to fund the Emergency Road and Bridge Repair Fund created in Section 67-1-179
- Bonds cannot be issued after July 1, 2025, and must mature within 25 years from date of issue
- Proceeds from bond sales are deposited into the Emergency Road and Bridge Repair Fund, with investment earnings used for debt service on the bonds
- Bonds are backed by the full faith and credit of Mississippi, with the State Treasurer authorized to issue warrants from the State Treasury to pay principal and interest if appropriated funds are insufficient
- Bonds and income therefrom are exempt from all taxation in Mississippi and serve as legal investments for trustees, fiduciaries, and financial institutions in the state
Legislative Description
Bonds; authorize issuance to provide funds for the Emergency Road and Bridge Repair Fund.
Last Action
Died In Committee
2/24/2021
Committee Referrals
Ways and Means1/18/2021
Full Bill Text
No bill text available