MS SB2943

Authorizes issuance of up to $3,000,000 in state general obligation bonds for reconstruction, repair, and renovation of the Maritime and Seafood Industry Museum in Biloxi, Mississippi.

Creates a special fund designated "2012 Maritime and Seafood Industry Museum Improvements Fund" within the State Treasury to receive bond proceeds and any investment earnings for project expenses.

Grants the State Bond Commission authority to prescribe bond terms, determine sale method, advertise and accept bids, and issue the bonds, with all bonds backed by the full faith and credit of the state.

Requires all bonds to mature within 25 years from issuance date and prohibits bond issuance after July 1, 2016; any remaining fund amounts after project completion shall be applied to debt service on the bonds.

Exempts bonds and income from state taxation and establishes them as legal investments for trustees, fiduciaries, banks, and insurance companies; effective July 1, 2012.