MS HB1570

Authorizes the issuance of up to $1,000,000 in state general obligation bonds to assist the City of Gulfport with construction of an aquarium facility, including land acquisition and related infrastructure.

Creates a special fund designated "2015 City of Gulfport Aquarium Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for aquarium project costs.

Bonds shall mature within twenty-five (25) years from date of issue and cannot be issued after July 1, 2019; the State Bond Commission acts as issuing agent with authority to determine sale method, advertise bids, and manage issuance.

Pledges the full faith and credit of Mississippi to pay bonds; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from unappropriated state funds.

Bond proceeds are exempt from state taxation and may be used as legal investments for trustees, fiduciaries, banks, and insurance companies; any remaining funds after project completion shall be applied to debt service on the bonds.