MS HB1557

Authorizes issuance of state general obligation bonds not to exceed $3,000,000 to assist Claiborne County, Mississippi in constructing, furnishing, and equipping a county civil defense building and related facilities.

Creates the "2012 Claiborne County Civil Defense Building Construction Fund" as a separate special fund within the State Treasury to receive and disburse bond proceeds for the project.

Grants the State Bond Commission authority to determine bond terms including interest rates (not exceeding statutory limits), maturity dates (not exceeding 25 years), redemption provisions, and to sell bonds through public bidding or negotiation.

Pledges the full faith and credit of the State of Mississippi to pay principal and interest on the bonds, with any deficiency paid from the State Treasury.

Bonds must be issued by July 1, 2016, and are exempt from state taxation; any remaining funds after project completion shall be applied to debt service on the bonds.