MS HB42

Authorizes issuance of up to $15,000,000 in state general obligation bonds for repairs, renovations, and capital improvements at Mississippi state parks, with no bonds to be issued after July 1, 2018.

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

Grants the State Bond Commission authority to determine bond terms including interest rates (not to exceed statutory limits), maturity (up to 25 years), denomination, and sale method, with ability to negotiate or conduct sealed bid public sales.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment; any insufficient appropriated funds must be covered by the State Treasurer from other state treasury funds.

Exempts bonds and income from all Mississippi taxation and establishes them as legal investments for trustees, fiduciaries, banks, and insurance companies; unused funds after project completion must be applied to bond debt service.