MS SB2960

Authorizes the State Bond Commission to issue up to $500,000 in general obligation bonds to fund construction, furnishing, and equipping of the William Faulkner Library at the Union County Heritage Museum in New Albany, Mississippi.

Creates a special fund called the "2014 William Faulkner Library Fund" within the State Treasury to receive and disburse bond proceeds for the library project under the direction of the Department of Finance and Administration.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, and may be sold through public bid or negotiated sale.

Pledges the full faith and credit of the State of Mississippi to pay principal and interest on the bonds, with any shortfall to be paid from the State Treasury.

Bonds and their income are exempt from all Mississippi state taxation and may be validated in Chancery Court of Hinds County's First Judicial District.