MS HB1447

Authorizes issuance of state general obligation bonds not to exceed $600,000 to fund improvements to systems, equipment, and facilities for the Mississippi Authority for Educational Television.

Creates the "2011 Mississippi Authority for Educational Television Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for repair, renovation, replacement, and improvement projects.

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

Full faith and credit of the State of Mississippi is pledged to pay principal and interest; bonds are exempt from state taxation and constitute legal investments for trustees, fiduciaries, and financial institutions.

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