MS SB2839

Authorizes issuance of up to $1,000,000 in state general obligation bonds to furnish, equip, repair, and renovate the Natchez Seminary Property of the General Missionary Baptist Convention of Mississippi, Inc.

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

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, with principal and interest payable semiannually or annually.

Bonds are general obligations of Mississippi backed by the full faith and credit of the state, with any shortfall in appropriated funds to be paid by the State Treasurer from unappropriated state funds.

Remaining funds after project completion shall be applied to bond debt service, and bond proceeds and income are exempt from state taxation.