MS SB3114

Authorizes issuance of up to $17,000,000 in state general obligation bonds to fund additions, upgrades, and improvements to the State Tax Commission's information technology systems.

Creates a special fund designated "State Tax Commission Information Technology Systems Modernization Fund" within the State Treasury to receive and disburse bond proceeds.

Bonds may be issued at any time or times by the State Bond Commission until July 1, 2013, with maturity dates not exceeding 25 years from issuance.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest on the bonds, with any deficiency to be paid from the State Treasury.

Bond proceeds and investment earnings are exempt from state taxation and may only be used for the authorized information technology improvements or to pay debt service on the bonds.