MS HB1683

Authorizes issuance of state general obligation bonds not to exceed $1,000,000 to fund capital improvements at the Mississippi State Fire Academy in Rankin County, with bonds not to be issued after July 1, 2020.

Allocates up to $700,000 for construction, furnishing, and equipping of a fire station, dormitory, and state disaster staging area at the academy, with remaining funds for repair and renovation of academy buildings and facilities.

Creates the "2016 Mississippi State Fire Academy Capital Improvements Fund" as a separate special fund in the State Treasury to receive bond proceeds, with unexpended amounts and investment earnings retained in the fund rather than reverting to the General Fund.

Pledges the full faith and credit of the State of Mississippi to pay bond principal and interest, with any funding shortfalls to be paid from the State Treasury; bonds are exempt from state taxation and qualify as legal investments for trustees, banks, and insurance companies.

Grants the State Bond Commission authority to determine bond terms, maturity dates (not to exceed 25 years), interest rates, sale methods, and redemption options, with proceeds disbursed by the Department of Finance and Administration.