MS SB2837

Authorizes issuance of state general obligation bonds not to exceed $5,500,000 to assist West Jackson County Utility District with water infrastructure projects.

Allocates $5,000,000 for replacement of failing asbestos water main piping in the Cedar Grove area of Jackson County and $500,000 for construction of a water tank.

Creates the "2024 West Jackson County Utility District Water Infrastructure Fund" as a separate fund within the State Treasury to receive bond proceeds and disburse funds for the authorized projects.

Bonds may mature up to 25 years from date of issue at rates not exceeding limits set in Section 75-17-101, Mississippi Code of 1972, with no bonds to be issued after July 1, 2028.

Establishes that bonds are general obligations of the State of Mississippi backed by full faith and credit, with income from bonds exempt from state taxation and any investment earnings on fund deposits applied to debt service.