MS HB1705

Authorizes issuance of general obligation bonds not exceeding $10,000,000 to fund improvements to Mississippi state parks, with no bonds to be issued after July 1, 2014.

Creates the "2010 State Parks Improvements Fund" within the State Treasury to receive bond proceeds, with $4,000,000 allocated specifically for Buccaneer State Park repairs and renovations, and remaining funds for improvements at other state parks.

Bonds may mature up to 25 years from issuance and bear interest rates within statutory limits, with the full faith and credit of the State pledged to ensure payment of principal and interest.

State Bond Commission serves as issuing agent with authority to determine bond form, select sale method, advertise for bids, and manage all aspects of bond issuance and sale from the proceeds.

Bond proceeds are exempt from state taxation and designated as legal investments for trustees, fiduciaries, banks, and insurance companies; unexpended fund balances and investment earnings shall be applied to debt service after project completion.