MS HB610

Authorizes the issuance of state general obligation bonds not to exceed $31,000,000 to fund construction, furnishing, and equipping of a new School of Medicine classroom building at the University of Mississippi Medical Center.

Creates the "2013 University of Mississippi Medical Center Improvements Fund" as a separate special fund within the State Treasury to receive bond proceeds and disburse funds for the project.

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

Establishes that bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with principal and interest payable from state funds if appropriated amounts are insufficient.

Bonds and income therefrom are exempt from all taxation in Mississippi and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies.