MS HB59

Authorizes issuance of state general obligation bonds up to $3,000,000 to assist Lee County, Mississippi with costs of repairing or replacing Lee County Bridge Number 178 on County Road 520.

Creates a special fund designated "2022 Lee County Bridge Number 178 Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the bridge project under the Department of Finance and Administration's discretion.

Bonds may mature up to 25 years from issuance, with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and must be issued by July 1, 2026.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; the State Treasurer must pay any deficiency from general treasury funds if appropriated funds are insufficient for debt service.

Bond proceeds and income are exempt from state taxation, and unused amounts remaining after project completion must be applied to pay debt service on the bonds.