MS HB368

Authorizes the State Bond Commission to issue general obligation bonds not to exceed $25,000 to fund acquisition and installation of lighting equipment and fixtures for the floors and ramps inside and leading into Rose E. McCoy Auditorium at Jackson State University.

Establishes a special fund designated as the "2016 Jackson State University Rose E. McCoy Auditorium Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the lighting project.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits set by Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2020.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; any shortfall in appropriated funds must be covered by the State Treasurer from unappropriated state funds.

Bonds and income from bonds are exempt from all taxation in Mississippi and constitute legal investments for trustees, fiduciaries, and financial institutions.