MS HB1569

Authorizes issuance of state general obligation bonds not to exceed $655,000 to fund construction of a Vietnam Veterans Memorial Wall and staging of an F-105 plane at Tupelo Veterans Plaza in Tupelo, Mississippi.

Creates a special fund designated the "2015 Tupelo Veterans Plaza Fund" within the State Treasury, maintained separately from the General Fund, with unexpended amounts not lapsing at fiscal year-end.

Bonds may be issued until July 1, 2019, with maturity not exceeding 25 years from issuance date, bearing interest rates within statutory limits and payable semiannually or annually.

Proceeds from bond sales transfer to the special fund and are disbursed by the Department of Finance and Administration; any remaining funds after project completion are applied to debt service on the bonds.

Bonds are general obligations of Mississippi with full faith and credit pledging; bond income is exempt from state taxation, and bonds are legal investments for trustees, banks, and insurance companies.