MS SB2897

Authorizes issuance of up to $4,000,000 in state general obligation bonds for construction, reconstruction, repair, and renovation of the Ohr-O'Keefe Museum of Art in Biloxi, Mississippi.

Creates a special "2015 Ohr-O'Keefe Museum of Art Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for museum improvements.

Bonds may be issued at any time before July 1, 2019, with maturity not exceeding 25 years from date of issue and interest rates not to exceed limits in Section 75-17-101.

Bonds are backed by the full faith and credit of the State of Mississippi, with the State Treasurer required to pay principal and interest from general funds if appropriated funds are insufficient.

Unexpended funds remaining after project completion shall be applied to debt service on the bonds, and bond income is exempt from Mississippi state taxation.