MS HB1644

Authorizes the State Bond Commission to issue up to $1,250,000 in general obligation bonds to assist the City of Booneville with improvements to sidewalks, streets, parking areas, and other facilities in the historic district of downtown Booneville.

Creates a special fund designated the "2015 City of Booneville Downtown Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible project costs including construction, repair, and rehabilitation of sidewalks, crosswalks, street intersections, lighting, signage, and ADA-compliant parking areas.

Bonds shall mature no later than 25 years from issuance and no bonds may be issued after July 1, 2019; interest earned on fund amounts shall be used to pay debt service on the bonds.

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

Bonds are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies in Mississippi.