MS SB2898

Authorizes issuance of state general obligation bonds up to $1,800,000 to assist the Board of Commissioners of Philadelphia Utilities in Philadelphia, Mississippi with maintenance and repair costs of the levee system protecting the wastewater treatment plant.

Creates a special fund called the "2021 Philadelphia Utilities Wastewater Treatment Levee Repair Fund" within the State Treasury to receive bond proceeds and disburse funds for the levee project under Department of Finance and Administration discretion.

Bonds may be issued at any time before July 1, 2025, with a maturity period not to exceed 25 years and interest rates within limits set by Mississippi Code Section 75-17-101.

The State Bond Commission serves as the issuing agent and may sell bonds through sealed bids at public sale or by negotiated sale, with the full faith and credit of the State of Mississippi pledged as backing.

Bond proceeds are used solely for levee maintenance and repair costs, with any remaining funds after project completion applied to debt service; bonds are tax-exempt and qualify as legal investments for fiduciaries and financial institutions.