MS HB1662

Authorizes issuance of state general obligation bonds not to exceed $10,000,000 to fund repairs, renovations, and capital improvements at Mississippi state parks.

Creates the "2012 State Parks Repair, Renovation and Capital Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Mississippi Department of Wildlife, Fisheries and Parks.

Bonds may be issued at any time or from time to time by the State Bond Commission, but no bonds shall be issued after July 1, 2016, with a maximum maturity of 25 years from date of issue.

Full faith and credit of the State of Mississippi is pledged for bond payment, and the State Treasurer must certify warrants to pay principal and interest when due from any available state funds if appropriated amounts are insufficient.

Bonds are exempt from Mississippi state taxation and any unexpended fund balances or investment earnings shall be applied to debt service after projects are completed or abandoned.