MS SB2386

Authorizes issuance of up to $6,000,000 in state general obligation bonds to repair, renovate, and refurbish the Margaret Martin Performing Arts Center in Natchez, Mississippi, which is designated a state landmark.

Creates the "2014 Margaret Martin Performing Arts Center Fund" as a separate special fund within the State Treasury to receive bond proceeds and hold unexpended amounts without lapsing into the General Fund.

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 provisions.

Bonds are designated as general obligations of the State of Mississippi with full faith and credit pledge; any shortfall in appropriated funds for debt service shall be paid from the State Treasury.

Bond proceeds and income are exempt from state taxation, and any remaining funds after project completion shall be applied to debt service on the bonds.