HB 917 Summary

• Authorizes issuance of state general obligation bonds not to exceed $1,000,000 to fund construction, furnishing, equipping, repairs, renovations, and land purchase for the Mississippi Arts and Entertainment Center in Meridian.

• Creates a special fund called the "2016 Mississippi Arts and Entertainment Fund" within the State Treasury to receive bond proceeds and any interest earnings, with funds disbursed by the Department of Finance and Administration.

• Grants the State Bond Commission authority to determine bond terms including maturity (not exceeding 25 years), interest rates, redemption provisions, and method of sale through public bid or negotiation.

• Establishes that bonds are general obligations of Mississippi backed by the full faith and credit of the state, with principal and interest payable from state appropriations or general treasury funds if necessary.

• Specifies that any remaining fund balance after project completion shall be applied to debt service, and that bond income is exempt from state taxation.