House Bill 1720 Summary

• Authorizes issuance of general obligation bonds not exceeding $10,000,000 to fund repairs, renovations, and construction of improvements at state parks, with no bonds to be issued after July 1, 2014.

• Creates the "2010 State Parks Improvements Fund" and "2010 State Parks Improvements Bond Sinking Fund" within the State Treasury to manage bond proceeds and debt service payments.

• Dedicates $41,666.66 annually from fuel tax revenues to the bond sinking fund for debt service, with principal and interest payable primarily from this fund and backed by the full faith and credit of the state.

• Bonds may mature up to 25 years from issue date, bear interest not exceeding limits in Section 75-17-101, and are exempt from state taxation with earnings reinvested into the fund.

• Amends Section 27-5-101 to redirect specified fuel tax revenues to the bond sinking fund and brings forward Section 49-5-21 regarding the Fisheries and Wildlife Fund, effective July 1, 2010.