MS HB1412

Authorizes issuance of general obligation bonds in the amount of $2,000,000.00 to provide funds for the Mississippi Rural Impact Fund under Section 57-85-5.

Grants the Mississippi Development Authority and State Bond Commission authority to declare necessity, issue, and sell the bonds; bonds cannot be issued after July 1, 2015.

Bonds are general obligations of the State of Mississippi with full faith and credit pledged; principal and interest are payable by the State Treasurer with deficiencies paid from the State Treasury.

Bond proceeds must be deposited into the Mississippi Rural Impact Fund and disbursed solely upon order of the Mississippi Development Authority; bonds may mature up to 25 years from issue date.

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