MS HB1699

Authorizes issuance of state general obligation bonds not to exceed $750,000 to assist the City of Petal, Mississippi with construction of an access road beginning at the intersection of Central Avenue and M. J. Harris Drive running southerly into the Robert E. Russell Sports Complex.

Creates a special fund designated "2022 City of Petal - Robert E. Russell Sports Complex Access Road Fund" within the State Treasury to receive bond proceeds and disburse funds for the access road project costs.

Bonds shall be issued by the State Bond Commission, bear interest not exceeding limits set in Mississippi Code Section 75-17-101, mature within 25 years, and are backed by the full faith and credit of the state.

Bond proceeds and interest earnings are exempt from state taxation and any unexpended amounts or investment earnings remaining after project completion shall be applied to pay debt service on the bonds.

No bonds may be issued under this act after July 1, 2026, and the act takes effect July 1, 2022.