MS SB2899

Authorizes issuance of up to $1,500,000 in state general obligation bonds to fund construction, furnishing, and equipping of an equine center and related facilities in Lowndes County, Mississippi.

Creates a special fund called the "2015 Lowndes County Equine Center Construction Fund" within the State Treasury to receive and disburse bond proceeds for the equine center project.

Bonds may not be issued after July 1, 2019, and shall mature within 25 years from date of issue at interest rates not exceeding limits under Mississippi Code Section 75-17-101.

Bonds are backed by the full faith and credit of the State of Mississippi, with any shortfall in funds for debt service paid from the State Treasury.

Income from bonds is exempt from state taxation, and any unused funds remaining after project completion shall be applied toward debt service on the bonds.