MS SB2887

Authorizes the State Bond Commission to issue up to $2,000,000 in general obligation bonds to assist the City of Hattiesburg with construction and repair of stormwater and wastewater infrastructure.

Creates a special "2021 City of Hattiesburg Stormwater and Wastewater Infrastructure Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible projects.

Bonds shall mature within 25 years from issuance, bear interest at rates not exceeding Section 75-17-101 limits, and no bonds may be issued after July 1, 2025.

Remaining funds in the special fund after project completion must be applied to pay debt service on the issued bonds; any investment earnings on the fund shall also be used for debt service.

Bonds are backed by the full faith and credit of the State of Mississippi, are exempt from state taxation, and the State Treasurer shall certify warrants to pay principal and interest when due.