MS HB237

Authorizes issuance of up to $33,000,000 in general obligation bonds to fund additions, upgrades, and improvements to the State Tax Commission's information technology systems.

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

Bonds may not be issued after July 1, 2013, and shall mature within 25 years from date of issue with interest rates not exceeding limits in Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to repay bonds; if legislative appropriations are insufficient, the State Treasurer shall pay any deficiency from unappropriated state funds.

Bonds are exempt from Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies organized under state law.