MS HB1642

Authorizes the State Bond Commission to issue up to $6,000,000 in general obligation bonds to fund construction, furnishing, and equipping of the Wellspring Center for Professional Futures in Union County, Mississippi.

Creates a special fund designated the "2012 Wellspring Center for Professional Futures Construction Fund" within the State Treasury to receive bond proceeds and disburse funds under the direction of the Department of Finance and Administration.

Bonds shall mature within 25 years, bear interest per Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi with state funds available if appropriations prove insufficient for debt service.

Bond income and the bonds themselves are exempt from all taxation in Mississippi and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies.

Any unexpended funds remaining after project completion shall be applied to bond debt service; investment earnings on the fund shall be deposited back into the fund and used for debt service payments.