MS SB2321

Authorizes issuance of general obligation bonds not to exceed $1,000,000 for improvements, repairs, and renovation of the Natchez Institute school building in Natchez, Mississippi.

Creates a special fund called the "2010 Natchez Institute School Improvement Fund" to be maintained separately from the state general fund, with unexpended amounts and investment earnings remaining in the fund.

Eligible projects include fire suppression systems, climate control equipment, museum and archival shelving, handicapped accessible restrooms, and restoration of the building's tower.

Bonds shall mature within 25 years of issuance and cannot be issued after July 1, 2014; bonds are general obligations of the state with full faith and credit pledged for repayment.

Bonds and income therefrom are exempt from all taxation in Mississippi and are legal investments for trustees, fiduciaries, banks, and insurance companies.