MS HB1655

Authorizes issuance of state general obligation bonds not to exceed $250,000 to fund repair, renovation, and improvements to the Mississippi Craft Center in Ridgeland, Mississippi.

Creates the "2012 Mississippi Craft Center Improvements Fund" as a separate state treasury fund to receive bond proceeds and any investment earnings, which shall not lapse into the General Fund.

Prohibits bond issuance after July 1, 2016, and allows bonds to mature up to 25 years from issue date with interest rates not exceeding limits in Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to secure bond payments, with any shortfall to be paid by the State Treasurer from unappropriated treasury funds.

Exempts issued bonds and their income from all Mississippi state taxation and designates them as legal investments for trustees, fiduciaries, banks, and insurance companies.