MS SB2948

Authorizes issuance of up to $500,000 in state general obligation bonds to assist the Yazoo County Board of Supervisors with costs of a drainage project.

Creates a special fund designated "2022 Yazoo County Drainage Project Fund" within the State Treasury to receive bond proceeds and disburse funds for the drainage project.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits in Section 75-17-101, Mississippi Code of 1972, and are backed by the full faith and credit of the state.

Prohibits bond issuance after July 1, 2026, and requires any remaining fund balance after project completion or abandonment to be applied toward debt service on the bonds.

Bonds and income from bonds are exempt from state taxation and investment earnings on fund amounts must be used for debt service on the bonds.