MS SB3017

Authorizes issuance of state general obligation bonds not to exceed $5,000,000 to fund purchase of a research vessel for the Gulf Coast Research Laboratory.

Creates a special fund designated the "2011 Gulf Coast Research Laboratory Fund" within the State Treasury to receive bond proceeds and disburse funds for the vessel purchase under direction of the Department of Finance and Administration.

Grants the State Bond Commission authority to determine bond terms including interest rates (subject to statutory limits), maturity (up to 25 years), redemption options, and method of sale through sealed bids or negotiation.

Pledges the full faith and credit of Mississippi to back the bonds; requires the State Treasurer to pay any debt service shortfall from general treasury funds if legislative appropriations are insufficient.

Exempts bonds and income from state taxation and establishes them as legal investments for trustees, fiduciaries, banks, and insurance companies.