MS HB1682

Authorize issuance of state general obligation bonds up to $35,000,000 to fund additions, upgrades, and improvements to the State Tax Commission's information technology systems, with all bonds to be issued by July 1, 2013.

Create a special fund designated "State Tax Commission Information Technology Systems Modernization Fund" within the State Treasury to receive bond proceeds and disburse funds for the IT projects.

Bonds may mature up to 25 years from issuance, bear interest rates compliant with Mississippi Code Section 75-17-101, and be sold through public sealed bidding or private negotiation as determined by the State Bond Commission.

Pledge the full faith and credit of the State of Mississippi to guarantee bond payments, with any insufficient appropriated funds to be covered by the State Treasurer from other state treasury funds.

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