MS SB2206

Authorizes issuance of general obligation bonds up to $1,000,000 by the State Bond Commission to fund improvements and repairs to the Natchez Institute school building in Natchez, Mississippi.

Creates the "2011 Natchez Institute School Improvement Fund" within the State Treasury to receive bond proceeds and fund specific improvements including fire suppression systems, climate control equipment, museum shelving, handicapped accessible restrooms, and restoration of the building's tower.

Bonds shall not exceed 25 years maturity, cannot be issued after July 1, 2015, and are backed by the full faith and credit of the State of Mississippi.

Bond proceeds and any remaining funds after project completion shall be applied to pay debt service on the issued bonds, with investment earnings used to pay debt service.

Bonds are exempt from Mississippi state taxation and are legal investments for trustees, fiduciaries, banks, and insurance companies.