MS HB1632

Authorizes Mississippi to issue up to $6,000,000 in state general obligation bonds to repair, renovate, and refurbish the Margaret Martin Performing Arts Center in Natchez, designated as a Mississippi landmark.

Creates a special fund within the State Treasury called the "2015 Margaret Martin Performing Arts Center Fund" to receive bond proceeds and disburse funds for project costs under direction of the Department of Finance and Administration.

Bonds are general obligations backed by the full faith and credit of Mississippi, with principal and interest payable within 25 years from issuance at rates not exceeding limits in Mississippi Code Section 75-17-101.

State Bond Commission serves as issuing agent and may sell bonds through sealed bids at public sale or negotiate sales, with notice published in Jackson newspapers at least 10 days before public sale.

Bond proceeds and income are exempt from all state taxation, and any remaining funds after project completion shall be applied to pay debt service on the bonds.