MS SB2850

Authorizes issuance of state general obligation bonds not to exceed $100,000 to assist the McComb Main Street Association in establishing a McComb and Pike County musical heritage/creative arts museum in McComb, Mississippi.

Creates a special fund designated the "2016 McComb and Pike County Musical Heritage/Creative Arts Museum Fund" within the State Treasury to receive bond proceeds and disburse funds for museum establishment costs.

Grants the State Bond Commission authority to determine bond terms including interest rates (not exceeding statutory limits), maturity dates (up to 25 years), and sale methods, with all bonds backed by the full faith and credit of the state.

Provides that any remaining fund balance after project completion shall be applied to pay debt service on the bonds, and all bond proceeds and interest earnings are exempt from state taxation.

Requires bond issuance to occur by July 1, 2020, and takes effect upon passage.