MS HB870

Increases the maximum amount of state general obligation bonds authorized for the Mississippi Museum of Art in Jackson from a previous amount to $6,500,000.00

Bonds may be used to fund acquisition of land, planning, design, site preparation, and construction or renovation of buildings and facilities for the Mississippi Museum of Art

Establishes a special "Mississippi Museum of Art Fund" within the State Treasury, maintained separately from the General Fund, with unexpended amounts and investment earnings retained in the fund

Bonds are general obligations of Mississippi backed by the full faith and credit of the State, with principal and interest payable semiannually or annually over a maximum maturity of 25 years

Proceeds from bond sales are deposited into the special fund and disbursed at the discretion of the Department of Finance and Administration; any remaining funds after project completion must be applied to pay debt service on the bonds