HB 1686 Summary

• Authorizes issuance of up to $650,000,000 in state general obligation bonds to pay off Mississippi Development Bank Special Obligation Bonds that were issued to accelerate highway construction projects under Section 65-1-8(2)(z), with no bonds to be issued after July 1, 2026.

• Prohibits the Mississippi Transportation Commission from entering into new agreements to accelerate highway construction projects under Section 65-1-8(2)(z) effective upon the bill's passage.

• Establishes procedures for the State Bond Commission to issue, sell, and manage the authorized bonds, including setting interest rates, maturity dates up to 30 years, and redemption terms.

• Pledges the full faith and credit of Mississippi to bond repayment, with any shortfalls covered by the State Treasurer from unappropriated funds in the State Treasury.

• Brings forward Section 3 of Chapter 520, Laws of 2010 (as amended) authorizing $180,000,000 in bonds for highway bridge rehabilitation, Vision 21 projects, Camp Shelby access improvements, and state aid roads for possible amendment.