MS HB1642

Authorizes issuance of state general obligation bonds up to $750,000 to assist Wayne County, Mississippi with construction, furnishing, and equipping of a Justice Court building and related facilities.

Creates the "2015 Wayne County Justice Court Building Construction Fund" as a separate special fund within the State Treasury to receive bond proceeds and disburse funds for the project.

Bonds may not be issued after July 1, 2019, and shall mature within 25 years from date of issue, with interest rates not to exceed limits set by Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to pay bonds; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from other available state funds.

Bonds are exempt from state taxation and legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies; investment earnings on the fund shall be used for bond debt service.