MS SB2900

Authorizes issuance of state general obligation bonds up to $2,180,000 to assist Oktibbeha County Board of Supervisors with road improvement costs, with all bonds to be issued by July 1, 2025.

Creates the "2021 Oktibbeha County Road Improvement Fund" as a separate fund within the State Treasury to receive bond proceeds and disburse funds for road improvements.

Bonds shall mature within 25 years, bear interest at rates not to exceed limits in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

Bonds are exempt from Mississippi state taxation, qualify as legal investments for fiduciaries and financial institutions, and may be validated in Chancery Court of the First Judicial District of Hinds County.

Upon project completion or abandonment, any remaining fund balance shall be applied to debt service on the bonds as directed by the State Bond Commission.