MS HB1599

Authorizes issuance of state general obligation bonds not to exceed $3,000,000 to fund repairs, renovations, and capital improvements at Mississippi state parks.

Creates a special "2014 State Parks Repair, Renovation and Capital Improvements Fund" within the State Treasury to hold bond proceeds and disburse funds at the discretion of the Mississippi Department of Wildlife, Fisheries and Parks.

Bonds may be issued at any time until July 1, 2018, with maturity dates not to exceed 25 years from issuance and interest rates subject to statutory limits.

Full faith and credit of the State of Mississippi is pledged to secure the bonds; any shortfall in appropriated funds shall be paid by the State Treasurer from general treasury funds.

Bond proceeds and income are exempt from all state taxation, and bonds are legal investments for trustees, fiduciaries, savings banks, and insurance companies in Mississippi.