MS HB1460

Authorizes issuance of state general obligation bonds not to exceed $1,500,000 to fund improvements to the Jackson Zoo and Livingston Park in Jackson, Mississippi.

Creates a special fund called the "2015 Jackson Zoo/Livingston Park Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for construction, repair, renovation, and infrastructure improvements at both facilities.

Bonds may be issued at any time until July 1, 2019, with maturity not to exceed 25 years from issuance and interest rates subject to Mississippi Code Section 75-17-101.

Bonds are backed by the full faith and credit of the State of Mississippi, with the State Treasurer authorized to pay principal and interest from general funds if appropriations are insufficient.

Investment earnings on the special fund and any remaining balances after project completion shall be applied to pay debt service on the issued bonds; bonds are tax-exempt under Mississippi law.