MS HB219

Authorizes the State Bond Commission to issue up to $900,000 in general obligation bonds for constructing an 80-150 acre lake and related facilities in, adjacent to, or near the Tuscumbia Wildlife Management Area in Alcorn County, Mississippi.

Creates a special "2011 Alcorn County Lake Project Fund" within the State Treasury to receive bond proceeds and any local funding, with unexpended amounts and investment earnings retained in the fund rather than reverting to the general fund.

Limits bond issuance to before July 1, 2015, with bonds maturing in no more than 25 years and bearing interest rates not exceeding limits set in Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to pay principal and interest on the bonds, with any shortfall covered by the State Treasurer from unappropriated state funds.

Exempts bonds and their income from all state taxation and authorizes their use as legal investments for trustees, fiduciaries, banks, and insurance companies.