MS HB164

Authorizes issuance of up to $4,000,000 in state general obligation bonds to fund repair, construction, reconstruction, expansion, and improvements to the Great River Railroad line from the Port of Rosedale in Bolivar County to Metcalfe in Washington County as part of the Port of Rosedale Multi-Modal Expansion Project.

Creates the "2024 Great River Railroad Fund" as a separate special fund within the State Treasury to receive bond proceeds and disburse funds for the railroad project costs; unexpended amounts do not lapse and interest earnings remain in the fund.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits in Section 75-17-101, Mississippi Code of 1972, and are backed by the full faith and credit of the State of Mississippi.

Provides that remaining fund amounts after project completion or abandonment shall be applied to pay debt service on the bonds; investment earnings on fund deposits shall also be used for debt service.

No bonds may be issued under this authority after July 1, 2028, and the act takes effect July 1, 2024.