MS SB2377

Authorizes issuance of state general obligation bonds up to $1,000,000 to assist Clay County Board of Supervisors with road improvements in Supervisor District 2.

Creates a special fund designated "2022 Clay County Supervisor District 2 Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible road projects.

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

Bonds are backed by full faith and credit of the State of Mississippi; income from bonds is exempt from state taxation and qualifies as legal investments for fiduciaries and financial institutions.

Remaining funds after project completion may be applied to pay debt service on issued bonds; any investment earnings on the fund shall be used for bond debt service.