MS HB556

Authorizes issuance of state general obligation bonds not to exceed $900,000 for construction of an 80-150 acre lake and related facilities in, adjacent to, or near the Tuscumbia Wildlife Management Area in Alcorn County, Mississippi.

Creates the "2010 Alcorn County Lake Project Fund" as a special fund within the State Treasury to receive bond proceeds and disburse funds for project costs under direction of the Department of Finance and Administration.

Bonds shall mature within 25 years from issuance, bear interest not to exceed rates set in Section 75-17-101 of Mississippi Code, and be sold at public sealed bid at no less than par plus accrued interest.

No bonds may be issued after July 1, 2014; upon project completion or abandonment, remaining funds shall be applied to debt service on the bonds.

Bonds constitute general obligations of the State of Mississippi backed by the full faith and credit of the state, are exempt from state taxation, and are legal investments for trustees, fiduciaries, and financial institutions.