MS SB2093

Authorizes the State Bond Commission to issue up to $10,000,000 in general obligation bonds to fund the Local System Bridge Replacement and Rehabilitation Fund.

Bonds may be issued at any time until July 1, 2026, with a maximum maturity of 25 years and interest rates not exceeding limits in Mississippi Code Section 75-17-101.

Bond proceeds shall be deposited into the Local System Bridge Replacement and Rehabilitation Fund created under Section 65-37-13, with investment earnings used for debt service on those bonds.

Full faith and credit of the State of Mississippi is pledged to pay bonds; if legislative appropriations are insufficient, the State Treasurer shall pay any deficiency from available state funds.

Bonds are exempt from Mississippi state taxation and constitute legal investments for trustees, fiduciaries, banks, and insurance companies in the state.