MS HB1456

Authorizes issuance of up to $1,000,000 in state general obligation bonds to assist the City of Jackson in acquiring, removing, and demolishing dilapidated and blighted properties near state grounds and the Farish Street Historic District.

Creates a special fund called the "2015 City of Jackson Dilapidated and Blighted Properties Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible projects.

Bonds may be issued at any time through July 1, 2019, with maturity not to exceed 25 years from date of issue and interest rates subject to Mississippi Code limits.

Full faith and credit of the State of Mississippi is pledged to secure the bonds; if appropriated funds are insufficient, the State Treasurer must pay any deficiency from unappropriated state funds.

Bonds and income therefrom are exempt from all state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies organized under Mississippi law.