MS HB1413

Authorizes issuance of $10,000,000 in state general obligation bonds by the Mississippi Development Authority to fund the ACE Fund established under Section 57-1-16.

Bond proceeds shall be deposited into the ACE Fund, with investment earnings used to pay debt service on the bonds according to authorizing proceedings.

Bonds shall mature within 25 years from issuance with interest rates not exceeding limits in Section 75-17-101, and shall not be issued after July 1, 2015.

State Bond Commission shall act as issuing agent, determine bond terms and sale method, and handle all issuance and sale proceedings; bonds are backed by full faith and credit of the State of Mississippi.

Bonds and income therefrom are exempt from Mississippi state taxation and constitute legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies.