MS HB147

Authorizes the issuance of up to $20,000,000 in state general obligation bonds for the Mississippi Arts and Entertainment Center in Meridian, with a limit of $5,000,000 per fiscal year.

Creates a special "2015 Mississippi Arts and Entertainment Fund" within the State Treasury to receive bond proceeds and disburse funds for construction, furnishing, equipping, repairs, renovations, and land purchase for the center.

Bonds may mature up to 25 years from issue date and shall bear interest rates not to exceed limits in Mississippi Code Section 75-17-101, with interest payable semiannually or annually.

Pledges the full faith and credit of the State of Mississippi to guarantee bond payment, with any deficiency paid from the State Treasury; remaining unexpended funds after project completion shall be applied to debt service.

Bonds are exempt from Mississippi state taxation and may be sold through sealed bids at public sale or negotiated sale, with all bonds constituting legal investments for trustees, fiduciaries, and financial institutions.