MS HB1408

Authorizes issuance of state general obligation bonds up to $400,000 to fund construction, furnishing, and equipping of new classrooms and related facilities at the State Fire Academy in Rankin County.

Creates a special "2011 State Fire Academy Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds under the Department of Finance and Administration's direction.

Bonds may mature up to 25 years from date of issue with interest rates not to exceed limits set in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2014.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state, with principal and interest exempt from state taxation.

Remaining fund balances after project completion shall be applied to pay debt service on the bonds, and investment earnings on the fund shall also be used for bond debt service.