MS SB2855

Authorizes issuance of state general obligation bonds up to $12,900,000 for repairs, renovations, and capital improvements at Mississippi state parks.

Creates a special "2016 State Parks Repair, Renovation and Capital Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Mississippi Department of Wildlife, Fisheries and Parks.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits in Section 75-17-101, Mississippi Code of 1972; no bonds may be issued after July 1, 2020.

Full faith and credit of the State of Mississippi is pledged for bond payment; any shortfalls shall be paid from the State Treasury; bonds are exempt from state taxation and qualify as legal investments for trustees and fiduciaries.

State Bond Commission serves as issuing agent with authority to prescribe bond form, determine sale method, advertise for bids, and pay all issuance costs from bond proceeds.