MS SB2703

Authorizes the State Bond Commission to issue up to $500,000 in general obligation bonds to assist the Board of Supervisors of Walthall County, Mississippi with road and bridge repair costs.

Creates a special fund designated the "2021 Walthall County Road and Bridge Repair Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible road and bridge projects.

Bonds shall mature within 25 years from date of issue at interest rates not exceeding limits set forth in Mississippi Code Section 75-17-101, with no bonds to be issued after July 1, 2025.

Bonds are full general obligations of the State of Mississippi backed by the state's full faith and credit, with principal and interest payable by the State Treasurer from any available state funds if legislative appropriations are insufficient.

Bond proceeds and income are exempt from all Mississippi state taxation and may be used solely for road and bridge repair costs and expenses incident to bond issuance and sale.