MS SB2959

Authorizes the State Bond Commission to issue up to $25,000,000 in general obligation bonds for the Mississippi Arts and Entertainment Center in Meridian, with a maximum of $5,000,000 issued per fiscal year.

Creates a special fund designated the "2014 Mississippi Arts and Entertainment Fund" within the State Treasury to receive bond proceeds and disburse funds for construction, furnishing, equipping, repairs, renovations, and land purchase for the center.

Bonds may mature up to 25 years from date of issue, bear interest at rates complying with Mississippi Code Section 75-17-101, and be sold by sealed bid at public sale or by negotiated sale.

The full faith and credit of the State of Mississippi is pledged to guarantee bond payments, with any shortfall covered by the State Treasurer from general treasury funds.

Bond income is exempt from Mississippi state taxation, and proceeds may be used solely for the stated project purposes including issuance and sale costs.