MS HB370

Authorizes issuance of up to $1,000,000 in state general obligation bonds to assist the City of Jackson with costs of acquiring, removing, and demolishing dilapidated and blighted properties near state grounds or within the Farish Street Historic District.

Creates the "2016 City of Jackson Dilapidated and Blighted Properties Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds to the city for eligible property demolition projects.

Establishes that the State Bond Commission may issue bonds by resolution, with a deadline of July 1, 2020, and bonds may mature up to 25 years from issuance with interest rates not exceeding statutory limits.

Specifies that remaining fund balances after project completion shall be applied to bond debt service, and investment earnings on the fund shall be used for debt service payments.

Declares bonds as general obligations of Mississippi backed by the full faith and credit of the state; bonds and income are exempt from state taxation and are legal investments for trustees, fiduciaries, and financial institutions.