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MS SB2961
Bill
AI Summary
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Authorizes issuance of up to $350,000 in state general obligation bonds to help the City of Purvis, Mississippi replace the traffic signal system at the intersection of U.S. Highway 11 and Mississippi Highway 589
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Creates the "2021 City of Purvis Traffic Signal System Replacement Fund" within the State Treasury, with unexpended amounts and investment earnings remaining in the fund rather than lapsing to the General Fund
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Bonds may mature up to 25 years from date of issue and must be issued before July 1, 2025
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Pledges the full faith and credit of the State of Mississippi for repayment of the bonds
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Bonds and income from them are exempt from all state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies
Legislative Description
Bonds; authorize issuance to assist City of Purvis in paying costs of replacement of traffic signal system.
Last Action
Died In Committee
2/24/2021