MS HB1527

Authorizes the issuance of state general obligation bonds not to exceed $7,000,000 to fund construction, furnishing, and equipping of the Marty Stuart Center and Congress of Country Music Hall in Philadelphia, Mississippi.

Creates a special fund designated as the "2014 Marty Stuart Center and Congress of Country Music Hall Fund" within the State Treasury, maintained separately from the General Fund with unexpended amounts and interest earnings retained in the fund.

Grants the State Bond Commission authority to determine bond terms including form, interest rates (not exceeding limits in Mississippi Code Section 75-17-101), maturity dates up to 25 years, and sale method through public bid or negotiation.

Pledges the full faith and credit of Mississippi to guarantee bond payment; if legislative appropriations are insufficient, any deficiency shall be paid by the State Treasurer from unappropriated state funds.

Provides that bonds and their income are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies; bond proceeds must be used solely for project costs and issuance expenses.