MS SB3027

Authorizes the State Bond Commission to issue up to $6,000,000 in general obligation bonds for repairs and renovations at Buccaneer State Park necessitated by Hurricane Katrina damages.

Creates the "2011 Buccaneer State Park Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds under the direction of the Department of Finance and Administration.

Establishes the "Buccaneer State Park Repair and Renovation Bond Sinking Fund" to pay principal and interest on issued bonds, with any shortfall paid from the State General Fund.

Bonds shall mature within 25 years, with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and are secured by the full faith and credit of the State of Mississippi.

Provides that any federal Emergency Management Agency funds received for the repairs shall be deposited into the bond sinking fund to pay debt service on the bonds.