MS SB2049

Authorizes issuance of state general obligation bonds up to $6,000,000 for repairing, renovating, and refurbishing the Margaret Martin Performing Arts Center in Natchez, which is designated a Mississippi landmark.

Creates a special fund called the "2016 Margaret Martin Performing Arts Center 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 mature up to 25 years from issue date with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and may be redeemed before maturity at state option.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; any funds remaining after project completion shall be applied to debt service on the bonds.

No bonds may be issued under this section after July 1, 2016; bond income is exempt from Mississippi state taxation and may be validated in Chancery Court under Chapter 13, Title 31 of Mississippi Code.