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MS SB2124
Bill
AI Summary
- Increases general obligation bond authorization from $6,500,000 to $12,000,000 for development projects in the Farish Street Historic District
- Mississippi Development Authority uses bond proceeds to make loans to planning and development districts at rates not exceeding 1% less than the federal discount rate for commercial and culturally significant property development
- Loan repayments must be deposited into a sinking fund to pay bond principal and interest, with unexpended amounts remaining in the fund at fiscal year-end
- Department of Archives and History must review proposed projects to ensure compliance with Secretary of the Interior's Standards for Rehabilitation and Guidelines for Rehabilitating Historic Buildings
- Bonds are general obligations of the State of Mississippi backed by full faith and credit, exempt from state taxation, with maturity not to exceed 25 years
Legislative Description
Bonds; increase for loans to develop the Farish Street Historic District.
Last Action
Died In Committee
2/23/2011
Full Bill Text
No bill text available