MS HB1560

Authorizes issuance of state general obligation bonds not to exceed $140,000,000 to fund upgrades and improvements to the Mississippi Authority for Educational Television's Mississippi Interactive Video Network.

Creates the "2012 Mississippi Authority for Educational Television Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds under the direction of the Department of Finance and Administration.

Bonds may be issued at any time until July 1, 2016, with maturities not exceeding 25 years from date of issue and interest rates subject to Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to guarantee bond payments, with any deficiencies to be paid from the State Treasury; bonds are exempt from state taxation.

Remaining fund balances after project completion shall be applied toward debt service on the bonds, and bond proceeds may only be used for the authorized purposes plus costs incident to bond issuance and sale.