MS SB2935

Authorizes the issuance of state general obligation bonds up to $3,000,000 to assist Claiborne County in constructing, furnishing, and equipping a county civil defense building and related facilities.

Creates a special fund called the "2012 Claiborne County Civil Defense Building Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under direction of the Department of Finance and Administration.

Grants the State Bond Commission authority to determine bond terms, prescribe form, select sale method, advertise and accept bids, and issue and sell the bonds with maturity not exceeding 25 years and interest rates subject to state limits.

Pledges the full faith and credit of Mississippi to pay bond principal and interest, with any shortfall to be covered by the State Treasurer from general treasury funds; bonds are tax-exempt and constitute legal investments for fiduciaries.

Establishes a deadline of July 1, 2016 for bond issuance and directs any remaining fund balances after project completion to be applied toward debt service on the bonds.