MS HB957

Authorizes the State Bond Commission to issue up to $900,000 in general obligation bonds for constructing an 80- to 150-acre lake and related facilities in, adjacent to, or near the Tuscumbia Wildlife Management Area in Alcorn County, Mississippi.

Creates a special fund designated "2012 Alcorn County Lake Project Fund" within the State Treasury to receive bond proceeds and disburse funds for project construction costs under the Department of Finance and Administration's direction.

Allows bonds to mature within 25 years from issuance with interest rates not exceeding limits set by Mississippi Code Section 75-17-101, with principal and interest payable semiannually or annually.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment, requiring the State Treasurer to pay any deficiency from the General Treasury if appropriated funds are insufficient.

Expires bond issuance authority on July 1, 2016, and provides that any remaining fund balance after project completion shall be applied to pay debt service on the bonds.