MS HB440

Authorizes issuance of state general obligation bonds not exceeding $500,000 to fund construction and installation of a traffic signal at the intersection of East Metro Parkway and El Dorado Road in Pearl, Mississippi.

Creates the "2024 East Metro Parkway/El Dorado Road Traffic Signal Fund" within the State Treasury, with funds disbursed by the Department of Finance and Administration to assist the Mississippi Department of Transportation with project costs.

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

State Bond Commission authorized to sell bonds through sealed bids at public sale or negotiated sale, with all issuance and sales costs paid from bond proceeds.

Bond proceeds are general obligations of the state exempt from Mississippi taxation, and any remaining funds after project completion shall be applied to debt service on the bonds; no bonds may be issued after July 1, 2028.