MS SB3078

Authorizes the issuance of state general obligation bonds up to $9,830,000 to assist Montgomery County Board of Supervisors with improvements to Lower Milligan Springs Road, Ellis Road, Bluff Springs Road, and Windham Road.

Creates the "2022 Montgomery County Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified road projects.

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

Bonds must be issued by July 1, 2026, and any remaining fund balance after project completion or abandonment shall be applied to pay debt service on the bonds.

Bonds and interest income are exempt from state taxation and qualify as legal investments for fiduciaries, savings banks, trust companies, and insurance companies in Mississippi.