MS HB1720

Authorizes the State Bond Commission to issue up to $500,000 in general obligation bonds to assist the City of Pontotoc with costs for establishing a visitors center and related facilities, including building improvements, real estate acquisition, and equipment.

Creates a special "2016 City of Pontotoc Visitors Center Fund" within the State Treasury to receive bond proceeds and disburse funds for the visitors center project.

Bonds must be issued by July 1, 2020, with a maximum maturity of 25 years and interest rates not to exceed the limits in Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to repay bonds, with the State Treasurer authorized to pay principal and interest from state funds if appropriations are insufficient.

Bonds and their income are exempt from all Mississippi state taxation and are legal investments for trustees, banks, and other fiduciaries.