MS HB884

Authorizes issuance of state general obligation bonds not to exceed $3,000,000 to assist Lee County, Mississippi with repair and/or replacement of Bridge Number 178 on County Road 520.

Creates a special fund designated "2021 Lee County Bridge Number 178 Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the bridge project.

Bonds may be issued at any time or from time to time by the State Bond Commission until July 1, 2025, with a maturity period not to exceed 25 years from date of issue.

Bonds are full faith and credit general obligations of the State of Mississippi, with the state treasurer authorized to pay principal, interest, and accrued value from any available state funds if appropriated funds are insufficient.

Bond proceeds, investment earnings, and remaining funds after project completion shall be applied to debt service on the bonds, and bonds are exempt from state taxation.