MS SB2894

Authorizes issuance of state general obligation bonds up to $125,000 to assist the City of Water Valley in paying costs associated with replacement of sewage lines.

Creates a special fund designated "2021 City of Water Valley Sewage Lines Replacement Fund" within the State Treasury to receive bond proceeds and disburse funds for the sewage line replacement project.

Grants the State Bond Commission authority to issue and sell the bonds, determine sale methods, prescribe bond forms, and handle all administrative costs related to issuance and sale of the bonds.

Bonds may have maturity dates up to 25 years from issuance, bear interest rates compliant with Mississippi law, and may be called for redemption at the state's option; no bonds may be issued after July 1, 2025.

Pledges the full faith and credit of the State of Mississippi to guarantee payment of bonds and interest; any remaining special fund amounts after project completion shall be applied to debt service on the bonds.