MS SB2070

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

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

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

Bond proceeds and investment earnings on the special fund are designated solely for project costs, with any remaining funds applied to pay debt service after project completion or abandonment.

Bonds are exempt from state taxation, constitute legal investments for trustees and fiduciaries, and may be validated through Chancery Court proceedings in Hinds County.