MS HB1746

Authorizes issuance of state general obligation bonds up to $6,250,000 for preplanning, furnishing, equipping, repairing and renovating the Natchez Seminary Property of the General Missionary Baptist Convention of Mississippi, Inc.

Creates a special "2016 Natchez Seminary Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds under the direction of the Department of Finance and Administration.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

Bond proceeds and any remaining funds after project completion shall be used to pay debt service on the bonds, with investment earnings on fund deposits also applied to debt service.

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