MS HB1676

Authorizes issuance of up to $4,000,000 in state general obligation bonds for Mississippi Department of Information Technology Services improvements, including data center equipment, information security upgrades, and remote telecommunications systems.

Creates the "2013 Department of Information Technology Services Improvements Fund" as a separate fund within the State Treasury to receive and disburse bond proceeds under direction of the Department of Finance and Administration.

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

Specifies that bonds are general obligations of Mississippi with full faith and credit of the state pledged; any remaining fund balance after project completion shall be applied to debt service on the bonds.

Bonds and interest income are exempt from all state taxation and are legal investments for trustees, fiduciaries, and financial institutions in Mississippi.