MS HB1197

Authorizes the State Bond Commission to issue general obligation bonds not to exceed $500,000 to assist the City of Pearl, Mississippi with construction of a bridge extending from the intersection of the extension of Ware Street and relocated St. Augustine Street to Pearson Road.

Creates a special fund designated "2024 City of Pearl Bridge Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for bridge construction costs.

Bonds may mature up to 25 years from date of issue at interest rates not to exceed limits set in Mississippi Code Section 75-17-101, with no bonds issued after July 1, 2028.

Pledges the full faith and credit of the State of Mississippi for bond repayment, making bonds legal investments for trustees, fiduciaries, banks, and insurance companies in the state.

Declares bonds and income therefrom exempt from all state taxation and allows investment earnings on the fund to be used for debt service on the bonds.