MS HB1589

Authorizes issuance of state general obligation bonds up to $75,000,000 to fund construction of a stadium on the Jackson State University campus.

Creates a special fund called the "2013 Jackson State University Stadium Construction Fund" within the State Treasury, maintained separately from the General Fund, with unexpended amounts and investment earnings retained in the fund.

Bonds shall mature no later than 25 years from date of issue, with interest rates not to exceed limits in Mississippi Code Section 75-17-101, and cannot be issued after July 1, 2017.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state, with principal and interest payable from appropriated funds or general state treasury if needed.

Bonds and their income are exempt from all Mississippi state taxation, and any remaining fund balance after project completion shall be applied to pay debt service on the issued bonds.