MS HB1459

Authorizes issuance of up to $1,500,000 in state general obligation bonds to fund construction, repair, renovation, and improvement projects at the Jackson Zoo and Livingston Park in Jackson, Mississippi.

Creates a special "2016 Jackson Zoo/Livingston Park Improvements Fund" within the State Treasury to receive bond proceeds and investment earnings, which shall not lapse into the General Fund at fiscal year end.

Grants the State Bond Commission authority to determine bond terms including interest rates (not to exceed limits in Section 75-17-101), maturity dates (up to 25 years), and redemption options, with all bonds backed by the full faith and credit of the State of Mississippi.

Bonds must be issued by July 1, 2020, and any remaining fund balance after project completion shall be applied to debt service on the bonds.

Bonds are exempt from all Mississippi state taxation and are legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies in the state.