MS SB2898

Authorizes issuance of state general obligation bonds up to $25,000,000 to assist the City of Columbus, Mississippi in constructing walking tracks, trails, bicycle paths, hunting ranges, firing ranges, and other recreational facilities on or near Columbus Air Force Base.

Limits bond issuance to $5,000,000 per fiscal year with a deadline of July 1, 2019 for issuing any bonds.

Creates a special fund called the "2015 City of Columbus - Columbus Air Force Base Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible projects.

Bonds may mature up to 25 years from issue date, bear interest rates compliant with Mississippi law, and are general obligations of the state backed by the full faith and credit of Mississippi.

Bonds and income from bonds are exempt from state taxation and may be validated through the Chancery Court of the First Judicial District of Hinds County.