MS SB3053

Authorizes issuance of $5,000,000 in state general obligation bonds to fund the Mississippi Ports Improvements Fund established under Section 57-1-731

Mississippi Development Authority may declare the necessity for bond issuance by resolution, with the State Bond Commission acting as issuing agent to sell and administer the bonds

Bonds must be issued before July 1, 2025, with a maximum maturity of 25 years from the date of issue

Bonds are backed by the full faith and credit of Mississippi, with the State Treasurer authorized to pay principal and interest from state funds if appropriated funds are insufficient

Bond proceeds and income are exempt from all Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies