MS HB1461

Creates a special fund in the State Treasury called the "Local Law Enforcement Bullet Proof Vest Matching Grant Fund" to be administered by the Division of Public Safety Planning within the Mississippi Department of Public Safety.

Provides state matching funds to eligible local law enforcement agencies for purchasing bullet proof vests, limited to agencies with policies mandating all on-duty officers wear vests.

Authorizes issuance of $500,000 in state general obligation bonds to fund the matching grant program, with bond proceeds transferred to the special fund.

Establishes that bonds are general obligations of Mississippi with full faith and credit pledged, mature within 25 years, and are exempt from state taxation; investment earnings on fund amounts support bond debt service.

Takes effect July 1, 2015.