MS HB1579

Authorizes issuance of general obligation bonds not to exceed $46,215,000 to fund construction, furnishing, and equipping of the Mississippi Civil Rights Museum and new Museum of Mississippi History, plus a parking garage for the museums.

Creates a special fund designated "2014 Mississippi Civil Rights Museum and Museum of Mississippi History Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for Phase II construction and artifact/exhibit costs.

Bonds may not be issued after July 1, 2018, with maturities not to exceed 25 years from date of issue, and must comply with interest rate limits under Mississippi Code Section 75-17-101.

Bonds for artifacts and exhibits may not exceed one-half of total costs for those purposes, and authorized bond amount shall be reduced by any Capital Expense Fund allocations used for these projects.

Full faith and credit of the State of Mississippi is pledged to repay bonds; bonds are exempt from state taxation and constitute legal investments for fiduciaries, insurance companies, and state entities.