MS HB1542

Authorizes the issuance of $18,675,000 in state general obligation bonds for additions, upgrades, and improvements to the Department of Revenue's information technology systems.

Creates a special fund designated the "2011 Department of Revenue Information Technology Systems Modernization Fund" within the State Treasury to receive and disburse bond proceeds for the specified IT projects.

Bonds may be issued at any time up to July 1, 2014, with maturity not to exceed 25 years from date of issue, and interest rates subject to Mississippi Code Section 75-17-101 limits.

Pledges the full faith and credit of the State of Mississippi for bond payment; any insufficient appropriated funds shall be covered by the State Treasurer from unappropriated treasury funds.

Any remaining fund balance after project completion shall be applied to pay debt service on the bonds; investment earnings on the fund shall also be used for debt service payments.