MS HB1697

Authorizes issuance of state general obligation bonds totaling up to $20,000,000 to assist the City of Gulfport with construction, reconstruction, repairs, and upgrades to the Interstate 10/U.S. Highway 49 intersection and adjacent areas.

Bonds may mature up to 25 years from date of issue at interest rates not exceeding limits in Section 75-17-101, Mississippi Code of 1972, with all costs of issuance and sale payable from bond proceeds.

Creates a special fund designated "2022 City of Gulfport Interstate 10/U.S. Highway 49 Intersection Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible project costs.

Bonds are general obligations of Mississippi with full faith and credit pledged; any insufficient appropriations result in State Treasurer payment from State Treasury funds, and bonds are exempt from state taxation.

No bonds may be issued after July 1, 2026; any remaining fund amounts after project completion shall be applied to pay debt service on bonds issued under this act.