MS SB2925

Authorizes issuance of state general obligation bonds up to $20,000,000 to assist the City of Gulfport with construction of an aquarium facility.

Creates a special "2016 City of Gulfport Aquarium Construction Fund" to be maintained separately within the State Treasury for disbursement to the city.

Bond proceeds may be used for aquarium construction, furnishing, equipping, land acquisition, and related infrastructure costs.

Bonds must be issued by July 1, 2020, with maturity not exceeding 25 years from date of issue, and are backed by the full faith and credit of the State of Mississippi.

Any remaining fund balance after project completion shall be applied to pay debt service on the issued bonds, and bond income is exempt from state taxation.