MS HB417

Authorizes issuance of state general obligation bonds up to $6,000,000 for construction, furnishing, and equipping of a new Highway Safety Patrol Substation in Starkville, Mississippi.

Creates 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 before July 1, 2020, with maturity not exceeding 25 years from date of issue and interest rates subject to Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest on the bonds; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from available state funds.

Bonds and income therefrom are exempt from all state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies; any remaining fund balance after project completion shall be applied to debt service on the bonds.