MS HB1462

Authorizes issuance of up to $2,000,000 in state general obligation bonds to assist Yazoo County with repair, renovation, and restoration of the Yazoo County Courthouse.

Creates a special fund called the "2016 Yazoo County Courthouse Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for courthouse project costs.

Bonds shall mature within 25 years from date of issue, with interest rates not to exceed limits in Mississippi Code Section 75-17-101, and shall be payable semiannually or annually.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from the State Treasury.

Bonds must be issued by July 1, 2020; upon project completion or abandonment, any remaining fund amounts shall be applied to pay debt service on the bonds.