MS SB2838

Authorizes issuance of up to $2,000,000 in state general obligation bonds to furnish, equip, repair, and renovate the Freedom House in Canton, Mississippi.

Creates a special "2016 Freedom House Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs under direction of the Department of Finance and Administration.

Bonds are general obligations of Mississippi backed by full faith and credit of the state, with principal and interest payable within 25 years from date of issue at rates not exceeding limits in Mississippi Code Section 75-17-101.

State Bond Commission authorized to determine bond terms, manage sale process, and transfer proceeds to the special fund; remaining funds after project completion shall be applied to debt service on the bonds.

Bonds and income therefrom are exempt from all state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies in Mississippi.