MS SB2893

Authorizes the State Bond Commission to issue up to $50,000 in general obligation bonds to fund installation of a sand trap to protect the City of Water Valley's sewage lagoon.

Creates the "2021 City of Water Valley Sewage Sand Trap Installation Fund" within the State Treasury to receive bond proceeds and disburse funds for the project.

Bonds may not be issued after July 1, 2025, and shall mature within 25 years from date of issue with interest rates not exceeding the limits in Section 75-17-101, Mississippi Code of 1972.

Pledges the full faith and credit of the State of Mississippi to pay bonds, with any insufficiency in appropriated funds to be paid from the State Treasury.

Exempts bonds and their income from all Mississippi state taxation and authorizes their use as legal investments for trustees, fiduciaries, banks, and insurance companies.