MS SB2892

Authorizes the State Bond Commission to issue up to $5,000,000 in general obligation bonds to assist the Madison County Board of Supervisors with construction and improvements on Bozeman Road.

Creates a special fund designated the "2021 Madison County Road Improvement Fund" within the State Treasury to receive bond proceeds and disburse funds for the road project.

Bonds may be issued at any time until July 1, 2025, with maturities not exceeding 25 years and interest rates subject to Mississippi Code limits.

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

Bonds are full faith and credit general obligations of the State of Mississippi, are exempt from state taxation, and may be validated in Hinds County Chancery Court.