MS HB406

Authorizes issuance of state general obligation bonds not to exceed $500,000 to fund improvements to Jerry Clower Park in Yazoo City, Mississippi, including bicycle trails, walking trails, and facility repairs.

Creates a special fund called the "2016 Yazoo City Jerry Clower Park Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for park construction and development projects.

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

Bonds are backed by the full faith and credit of the State of Mississippi, are exempt from state taxation, and any remaining fund balance after project completion shall be applied to debt service on the bonds.

Authorizes the State Bond Commission to determine bond terms, advertise and accept bids, issue and sell the bonds, and handle all administrative matters related to the issuance.