MS HB1653

Authorizes issuance of general obligation bonds by the State Bond Commission not to exceed $1,000,000 to fund engineering and design costs for the East Mississippi Intermodal Rail Corridor.

Creates a special fund designated "2023 Rail Authority of East Mississippi Fund" to receive bond proceeds, with the Mississippi Development Authority authorized to disburse funds to the Rail Authority of East Mississippi.

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

Bond proceeds and income are exempt from Mississippi state taxation, and no bonds may be issued after July 1, 2027.

Any unexpended funds or investment earnings remaining after project completion shall be applied to pay debt service on the issued bonds.