MS HB1534

Authorizes the issuance of $5,000,000 in state general obligation bonds to fund the Mississippi Community Heritage Preservation Grant Fund, with bonds to be issued by July 1, 2018.

Increases the grant allocation to the City of Columbus, Mississippi from $75,000 to $475,000 for repair, renovation and restoration of Columbus City Hall building and related facilities.

Increases the total allocation for general heritage preservation grants from $30,600,000 to $35,200,000 for county governments, municipal governments, school districts and nonprofit organizations to preserve historic courthouses, school buildings and other historic properties.

Requires the State Bond Commission to manage bond issuance, prescribe bond terms, advertise for bids, and transfer proceeds to the heritage preservation fund with full faith and credit pledge of the state.

Bonds are exempt from state taxation and authorized proceeds must be used solely for heritage preservation purposes within four years or accounted to the State Bond Commission.