MS SB2376

Authorizes issuance of state general obligation bonds up to $1,000,000 to assist Clay County Board of Supervisors with costs of paving and improvements to Pruitt Road and Mhoon Valley Road in Supervisor District 3.

Creates a special fund titled "2022 Clay County Supervisor District 3 Road Improvements Fund" within the State Treasury to receive and disburse bond proceeds for the specified road projects.

Bonds may have maturity dates up to 25 years, bear interest rates within legal limits, and are backed by the full faith and credit of the State of Mississippi.

All bonds issued are tax-exempt in Mississippi and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies.

Bond issuance authority expires July 1, 2026; any remaining funds after project completion must be applied toward bond debt service.