MS SB2699

Authorizes issuance of up to $7,500,000 in state general obligation bonds to fund construction, furnishing, and equipping of a new Highway Safety Patrol Substation in Starkville, Mississippi.

Creates a "2021 Department of Public Safety Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the project, with unexpended amounts remaining in the fund at fiscal year-end.

Bonds may be issued at any time or in multiple installments, but no bonds may be issued after July 1, 2025, and bonds shall mature within 25 years of issuance.

State Bond Commission acts as issuing agent and may sell bonds through public sealed bids or negotiated sale; all bond issuance costs may be paid from bond proceeds.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state; bond income is exempt from Mississippi taxation and bonds are legal investments for trustees, banks, and insurance companies.