MS SB2054

Authorizes the State Bond Commission to issue up to $30,000,000 in general obligation bonds to fund Phase II of construction, furnishing, and equipping a new headquarters building for the Department of Public Safety in Rankin County, Mississippi.

Creates the "2014 Department of Public Safety Headquarters Building Construction Fund" as a special fund within the State Treasury to receive bond proceeds and disburse funds for the project under direction of the Department of Finance and Administration.

Bonds may be issued at any time or in multiple installments but must be issued by July 1, 2018, with maturity dates not exceeding 25 years from issuance.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, and bond income is exempt from state taxation.

Any remaining funds in the special fund after project completion shall be applied to pay debt service on the bonds.