MS HB1470

Authorizes the State Bond Commission to issue up to $3,000,000 in general obligation bonds to fund construction, furnishing, and equipping of the Southeast Mississippi Justice Center and Training Complex in Ellisville.

Creates a special fund designated the "2016 Southeast Mississippi Justice Center and Training Complex Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs.

Bonds may not be issued after July 1, 2020, and shall mature within 25 years of issuance with interest rates subject to Mississippi Code Section 75-17-101.

Upon project completion, abandonment, or inability to complete timely, any remaining fund balances shall be applied to pay debt service on the bonds.

Bonds are backed by the full faith and credit of Mississippi, are exempt from state taxation, and constitute legal investments for trustees and financial institutions.