MS SB3042

Authorizes issuance of state general obligation bonds not to exceed $1,200,000 to assist the Town of Bruce, Mississippi with repair and expansion costs of its sewage system and lagoon.

Creates a special fund designated the "2021 Town of Bruce Sewage System Fund" within the State Treasury to receive bond proceeds and disburse funds for the project.

Bonds may not be issued after July 1, 2025 and shall mature within 25 years from the date of issue.

Establishes the State Bond Commission as the issuing agent with authority to prescribe bond forms, determine sale methods, advertise for bids, and manage all aspects of bond issuance and sale.

Pledges the full faith and credit of the State of Mississippi for bond repayment; bonds and income are exempt from state taxation and qualify as legal investments for fiduciaries and financial institutions.