MS SB2850

Authorizes issuance of state general obligation bonds not to exceed $340,000 to assist the City of Magnolia, Mississippi with drainage and other improvements to North Cherry Street.

Creates a special fund designated "2024 City of Magnolia Street Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified street improvement projects.

Establishes that bonds are general obligations of Mississippi backed by the full faith and credit of the state, with principal and interest payable from appropriated funds or the State Treasury if insufficient.

Bonds may mature up to 25 years from date of issue and cannot be issued after July 1, 2028; any remaining funds after project completion shall be applied to bond debt service.

Bonds and income therefrom are exempt from Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies in the state.