MS HB1564

Authorizes issuance of state general obligation bonds not to exceed $6,000,000 to fund the new GRAMMY® Museum Mississippi on the Delta State University campus in Cleveland, Mississippi.

Bond proceeds fund acquisition, storage, and relocation of artifacts; design, fabrication, and installation of permanent exhibits; and development of films and interactive components for the museum.

Creates the "2012 GRAMMY® Museum Mississippi Fund" as a special state treasury fund to receive bond proceeds and disburse funds under direction of the Department of Finance and Administration.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits in Mississippi Code Section 75-17-101; no bonds may be issued after July 1, 2016.

Bonds are general obligations of Mississippi with full faith and credit pledge of the state; bond income is exempt from state taxation and proceeds may be used only for the specified museum project and related issuance costs.