MS HB50

Authorizes issuance of up to $1,500,000 in state general obligation bonds to fund acquisition, furnishing, equipping, and operation of railcars and related equipment for tourism purposes on a rail line running through Adams, Franklin, and Lincoln Counties.

Creates the "2015 Adams, Franklin and Lincoln Counties Rail Line Tourism Fund" as a separate special fund within the State Treasury to receive and disburse bond proceeds.

Bonds may be issued at any time until July 1, 2019, with principal and interest payable within 25 years from issuance date.

Bonds are backed by the full faith and credit of the State of Mississippi, with any shortfall in appropriated funds paid from the State Treasury; bond holders have legal recourse to enforce payment.

Bond proceeds and income are exempt from state taxation and may be legally invested by trustees, banks, insurance companies, and public entities.