MS HB466

Authorizes issuance of state general obligation bonds not to exceed $100,000 to assist the Town of Wesson, Mississippi with costs of making Americans with Disabilities Act improvements to a municipally owned building and related facilities.

Creates a special fund designated "2012 Town of Wesson Americans With Disabilities Act Improvements Fund" within the State Treasury, maintained separately from the General Fund with unexpended amounts not lapsing and interest earnings retained.

Grants the State Bond Commission authority to issue, sell, and manage the bonds, which may be sold at public or negotiated sale and mature within 25 years from date of issue at rates not exceeding limits in Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to pay principal and interest on the bonds, with any deficiency to be paid from the State Treasury; bonds are exempt from state taxation and qualify as legal investments for trustees and fiduciaries.

Prohibits bond issuance after July 1, 2016, and directs remaining fund amounts after project completion to pay debt service on the bonds.