MS SB3058

Authorizes the State Bond Commission to issue up to $500,000 in general obligation bonds to assist the Town of Metcalfe, Mississippi with water and sewer system improvements.

Creates a special fund designated "2021 Town of Metcalfe Water and Sewer Systems Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible project costs.

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

Remaining funds in the special account after project completion shall be applied to pay debt service on the bonds; all investment earnings on the fund shall likewise be used for debt service.

Bonds are backed by the full faith and credit of the State of Mississippi, are exempt from state taxation, and may be validated through the Chancery Court of the First Judicial District of Hinds County.