MS SB2183

Authorizes issuance of $3,500,000 in general obligation bonds by the State Bond Commission for repair, renovation, and improvements to Duncan Park Golf Course in Natchez, Mississippi.

Creates a special fund designated "2011 Duncan Park Golf Course Repair, Renovation and Improvement Fund" within the State Treasury to receive bond proceeds and hold funds separately from the General Fund.

Bonds may not be issued after July 1, 2015, and shall mature within 25 years from date of issue with interest rates not exceeding limits set in Mississippi Code Section 75-17-101.

Bonds are general obligations of Mississippi with full faith and credit of the state pledged for repayment; if appropriated funds are insufficient, the State Treasurer shall pay deficiencies from any available state funds.

Bonds and their income are exempt from all taxation in Mississippi and constitute legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies organized under state law.