MS HB1535

Authorizes the State Bond Commission to issue up to $6,000,000 in general obligation bonds to fund repairs, renovations, and refurbishing of the Margaret Martin Performing Arts Center in Natchez, Mississippi.

Creates a special fund designated the "2014 Margaret Martin Performing Arts Center Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs under direction of the Department of Finance and Administration.

Bonds shall be general obligations of Mississippi with full faith and credit of the state pledged for payment, mature within 25 years, and be subject to standard bond issuance procedures including public notice and bidding requirements.

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

Unexpended funds remaining after project completion shall be applied to pay debt service on the bonds, and investment earnings on the fund shall be used for debt service payments.