MS SB2954

Authorizes issuance of up to $6,000,000 in state general obligation bonds to assist the Cleveland Music Foundation with costs of designing, fabricating, and installing a permanent exhibition at a new GRAMMY Museum in Cleveland, Mississippi.

Limits bond issuance to $3,000,000 in fiscal year 2013 and $3,000,000 in fiscal year 2014, with no bonds issued after July 1, 2016.

Creates a special "2012 GRAMMY Museum Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Department of Finance and Administration.

Bonds mature within 25 years, are general obligations of the State of Mississippi backed by full faith and credit, and are exempt from state taxation.

Remaining fund balances after project completion must be applied to pay debt service on the bonds; investment earnings on the fund shall also be used for debt service.