MS HB47

Authorizes the State Bond Commission to issue up to $500,000 in general obligation bonds to assist the City of Pearl, Mississippi with construction of a bridge extending from the intersection of Ware Street extension and relocated St. Augustine Street to Pearson Road.

Bonds shall not exceed 25 years maturity, with interest rates subject to Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2027.

Creates a special fund designated "2023 City of Pearl Bridge Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for bridge construction costs under direction of the Department of Finance and Administration.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment; bonds are exempt from state taxation and qualify as legal investments for trustees and financial institutions.

Any remaining fund balance after project completion or if the project is abandoned shall be applied to pay debt service on the bonds issued.