MS SB2982

Authorizes the issuance of state general obligation bonds up to $500,000 to fund road improvements in Clay County Supervisor District 5.

Creates the "2021 Clay County Supervisor District 5 Road Improvements Fund" as a separate special fund within the State Treasury for disbursement to the Clay County Board of Supervisors.

Bonds may be issued at any time until July 1, 2025, with a maturity period not exceeding 25 years and interest rates complying with Mississippi Code Section 75-17-101.

Remaining fund balance after project completion shall be applied to bond debt service; investment earnings on the fund shall be used for debt service payments.

Bonds are backed by the full faith and credit of the State of Mississippi and are exempt from state taxation.