MS HB1625

Authorizes issuance of $2,500,000 in state general obligation bonds to fund the Mississippi Community Heritage Preservation Grant Fund, with bonds to be issued no later than July 1, 2016

Bonds may have a maturity of up to 25 years, with interest payable semiannually or annually, and are backed by the full faith and credit of the State of Mississippi

Increases total allocation for historic preservation grants from $25,600,000 to $28,100,000 for county governments, municipal governments, school districts, and 501(c)(3) nonprofits to preserve, restore, and rehabilitate historic courthouses, school buildings, and other historic properties

Bond proceeds and interest are exempt from all Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies

Unused bond proceeds must be accounted for to the State Bond Commission if not expended within four years of deposit into the grant fund