MS SB2961

Authorizes issuance of up to $55,000,000 in state general obligation bonds, with no more than $27,500,000 issued in any single fiscal year and no issuance after July 1, 2018.

Creates the "2014 Mississippi State Fairground Improvements Fund" to receive bond proceeds for: repair and renovation of the Mississippi Coliseum, construction of a new trade mart adjoining the Coliseum, demolition of the existing Mississippi Trade Mart, and parking improvements on the State Fairgrounds.

Bonds shall mature within 25 years from issuance, bear interest at rates not exceeding limits set in Section 75-17-101, Mississippi Code of 1972, and may be called for redemption at the State's option.

Establishes that bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with principal and interest payable from appropriated funds or from the State Treasury if appropriations are insufficient.

Bonds and their income are exempt from Mississippi state taxation and are legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies organized under state law.