MS SB3028

Authorizes issuance of state general obligation bonds not to exceed $2,000,000 to assist the City of Carthage, Mississippi with costs of repairing city streets.

Creates a special fund designated the "2021 City of Carthage Street Repair Fund" within the State Treasury to receive bond proceeds and disburse funds for street repair projects.

Bonds may be issued at one time or over time until July 1, 2025, with maturity dates not to exceed 25 years from issuance and interest rates subject to Mississippi Code limits.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with debt service payable from appropriated funds or the State Treasury if appropriations are insufficient.

Investment earnings and any remaining funds after project completion shall be applied toward debt service on the bonds; bonds and their income are exempt from state taxation.