MS HB1647

Authorizes issuance of up to $4,000,000 in state general obligation bonds to provide matching funds to the City of Tupelo, Mississippi, for three ongoing railroad projects

Creates the "2023 City of Tupelo Railroad Projects Fund" as a special fund within the State Treasury, separate from the General Fund, with unexpended amounts and interest earnings remaining in the fund

Bonds may mature up to 25 years from date of issue and are backed by the full faith and credit of the State of Mississippi

Bond proceeds and income are exempt from all state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies

No bonds may be issued under this act after July 1, 2027, with an effective date of July 1, 2023