House Bill 1513 Summary

• Authorizes issuance of general obligation bonds not to exceed $917,475 to assist Lee County, Mississippi with costs of a rail spur cross drain replacement project at Turner Industrial Park

• Creates a special fund designated "2023 Lee County Turner Industrial Park Rail Spur Cross Drain Replacement Fund" within the State Treasury to receive bond proceeds and disburse funds for the project

• Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with interest rates not to exceed limits set in Mississippi Code Section 75-17-101 and maturity not exceeding 25 years

• Bonds are exempt from all taxation in Mississippi and designated as legal investments for trustees, fiduciaries, and financial institutions

• Bond issuance authority expires July 1, 2027; any remaining funds after project completion shall be applied to debt service on the bonds