MS SB2051

Authorizes issuance of up to $7,000,000 in state general obligation bonds to construct, furnish, and equip the Marty Stuart Center and Congress of Country Music Hall in Philadelphia, Mississippi.

Creates a special fund designated the "2014 Marty Stuart Center and Congress of Country Music Hall Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs under the Department of Finance and Administration's direction.

Grants the State Bond Commission authority to determine bond terms including interest rates (not exceeding statutory limits), maturity dates (up to 25 years), denominations, and redemption features, and to conduct public or negotiated sales of the bonds.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment; any shortfall in appropriated funds must be paid from the State Treasury, and bond income is exempt from state taxation.

Directs any remaining special fund balance after project completion to pay debt service on the bonds, and authorizes the State Treasurer and Department of Finance and Administration to issue warrants for timely principal and interest payments.