SB 3099 Summary

• Authorizes the issuance of state general obligation bonds not to exceed $20,020,000 to assist Holmes County Board of Supervisors with road repairs and improvements costs.

• Creates a special fund designated "2022 Holmes County Road Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for road projects.

• Bonds may be issued at any time before July 1, 2026, with maturity not exceeding 25 years, interest rates not to exceed limits in Section 75-17-101, and full faith and credit of the State of Mississippi pledged as security.

• Establishes the State Bond Commission as the issuing agent with authority to determine bond terms, advertise for bids, and manage the sale and delivery of bonds.

• Remaining fund amounts after project completion shall be applied to pay bond debt service, and investment earnings on the fund shall also be used for debt service payments.