MS SB3030

Authorizes issuance of state general obligation bonds not to exceed $1,500,000 to assist the City of Meridian in constructing Freedom Park, with no bonds to be issued after July 1, 2015.

Creates a special fund designated "2011 Freedom Park Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs under the Department of Finance and Administration's discretion.

Bonds may mature up to 25 years from date of issue, with interest rates not exceeding limits in Section 75-17-101 of Mississippi Code, and are backed by the full faith and credit of the State of Mississippi.

Authorizes the State Bond Commission to determine bond form, sale method, and handle issuance and sale procedures; investment earnings on fund amounts shall be used for debt service on the bonds.

Bonds and income are exempt from Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies; any remaining funds after project completion shall be applied to bond debt service.