MS HB1572

Authorizes the State Bond Commission to issue up to $1,500,000 in general obligation bonds to fund acquisition, furnishing, equipping, and operation of railcars and related equipment for tourism purposes on a rail line running through Adams, Franklin, and Lincoln Counties.

Creates the "2014 Adams, Franklin and Lincoln Counties Rail Line Tourism Fund" as a separate special fund within the State Treasury to receive bond proceeds and disburse funds for the rail project.

Bonds may be issued at any time or in installments, but no bonds shall be issued after July 1, 2018, with a maximum maturity of 25 years from the date of issue.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest on the bonds; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from other state funds.

Bond proceeds and investment earnings on the fund are exempt from state taxation, and any unexpended amounts remaining in the fund shall be applied to debt service on the bonds.