MS SB3104

Authorizes issuance of up to $270,000 in state general obligation bonds to assist the City of Southaven, Mississippi in paying costs for installing a traffic signal at the intersection of Guthrie Drive and Airways Boulevard.

Creates the "2022 Southaven Traffic Signal Installation Fund" within the State Treasury as a separate fund to receive bond proceeds and disburse funds to the City of Southaven for the traffic signal project.

Bonds may be issued at any time or in multiple installments by the State Bond Commission but no bonds may be issued after July 1, 2026.

Bonds are backed by the full faith and credit of the State of Mississippi, mature within 25 years, bear interest at rates not to exceed limits set in Section 75-17-101 Mississippi Code, and are exempt from state taxation.

Unexpended fund amounts remaining after project completion or abandonment shall be used to pay debt service on the issued bonds; investment earnings on the fund shall also be applied to bond debt service.