MS HB376

Authorizes issuance of state general obligation bonds not to exceed $1,000,000 to fund construction, furnishing, and equipping of a new Highway Safety Patrol Substation in Starkville, Mississippi.

Creates a special fund designated the "2016 Department of Public Safety Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under direction of the Department of Finance and Administration.

Bonds may be issued at any time by the State Bond Commission until July 1, 2020, with maturity not exceeding 25 years from date of issue and interest rates not exceeding limits set by Mississippi Code.

Bonds are full general obligations of the State of Mississippi backed by the state's full faith and credit, with principal and interest payable from appropriated funds or state treasury funds if insufficient appropriations exist.

Upon project completion, abandonment, or determination that it cannot be completed timely, any remaining fund balance shall be applied to pay debt service on the bonds; bond income is exempt from Mississippi taxation.