MS SB2907

Authorizes issuance of state general obligation bonds not to exceed $500,000 to fund construction, furnishing, and equipping of the Marty Stuart Center and Congress of Country Music Hall in Philadelphia, Mississippi.

Creates a special fund designated "2015 Marty Stuart Center and Congress of Country Music Hall Fund" within the State Treasury to receive bond proceeds and disburse them for project costs under direction of the Department of Finance and Administration.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and may be issued through competitive bidding or negotiated sale at discretion of the State Bond Commission.

Pledges the full faith and credit of the State of Mississippi to back the bonds, with any payment deficiencies covered by the State Treasurer from unappropriated funds; bond income is exempt from state taxation.

Unused funds remaining after project completion shall be applied to pay debt service on the bonds, and investment earnings on the special fund are dedicated to debt service payments.