MS SB3041

Authorizes the issuance of state general obligation bonds not to exceed $200,000 to assist the Town of Bruce, Mississippi with street repair and paving costs.

Creates the "2021 Town of Bruce Street Repair and Paving Fund" as a separate state treasury fund, with unexpended amounts and interest earnings remaining in the fund rather than reverting to the General Fund.

Bond proceeds must be disbursed by the Department of Finance and Administration solely for street repair and paving costs, with any remaining funds applied to debt service after project completion or abandonment.

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

Bonds are general obligations of the State of Mississippi backed by full faith and credit, with the state treasurer authorized to pay principal and interest from any unappropriated state treasury funds if legislative appropriations are insufficient.