MS SB3046

Authorizes the issuance of state general obligation bonds not to exceed $100,000 to assist the Town of Vardaman, Mississippi with street repair and paving costs.

Creates a special fund designated the "2021 Town of Vardaman Street Repair and Paving Fund" within the State Treasury to receive bond proceeds and disburse funds at the discretion of the Department of Finance and Administration.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits set forth in Mississippi Code Section 75-17-101, and may not be issued after July 1, 2025.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with principal and interest payable from appropriated legislative funds or from any unappropriated state treasury funds if insufficient.

Any remaining fund balance after project completion shall be applied to pay debt service on the bonds, and bond income is exempt from all Mississippi state taxation.