MS HB1498

Authorizes the State Bond Commission to issue up to $650,000 in general obligation bonds to assist Jefferson County, Mississippi with costs associated with replacing a bridge on Block Foster Road.

Creates a special fund designated the "2023 Jefferson County Block Foster Road Bridge Replacement Fund" within the State Treasury to receive and disburse bond proceeds for the bridge replacement project.

Bonds may be issued with interest rates not exceeding limits in Mississippi Code Section 75-17-101, with maturities up to 25 years, and are backed by the full faith and credit of the State of Mississippi.

All bond proceeds and investment earnings on the fund shall be used solely for bridge replacement costs, with any remaining amounts applied to debt service on the bonds after project completion or abandonment.

No bonds may be issued under this authority after July 1, 2027, and the act becomes effective July 1, 2023.