MS HB532

Authorizes the State Bond Commission to issue up to $3,000,000 in general obligation bonds to assist Claiborne County in constructing, furnishing, and equipping a county civil defense building and related facilities.

Creates a special fund called the "2013 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.

Bonds may be issued at any time until July 1, 2017, with maturity dates not to exceed 25 years from issuance and interest rates compliant with Mississippi law.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment; any insufficiency in appropriated funds shall be paid by the State Treasurer from unappropriated treasury funds.

Upon project completion, abandonment, or inability to complete timely, any remaining funds in the special fund shall be applied to pay debt service on the bonds.