MS HB1671

Authorizes the State Bond Commission to issue up to $2,000,000 in general obligation bonds to fund construction, furnishing, and equipping of a state law enforcement and fire museum in the Farish Street Historical District in Jackson, Mississippi.

Creates a special "2010 State Law Enforcement and Fire Museum Fund" within the State Treasury to receive bond proceeds and disburse funds for the museum project under the Department of Finance and Administration's discretion.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and may be sold through sealed bids at public sale or negotiated sale.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment; any insufficient appropriated funds shall be paid from the State Treasury from unappropriated funds.

Bonds are exempt from Mississippi taxation and constitute legal investments for trustees, fiduciaries, banks, trust companies, and insurance companies; unused project funds shall be applied to debt service after project completion.