MS SB2930

Authorizes issuance of up to $1,000,000 in state general obligation bonds to fund operational expenses of the Ohr-O'Keefe Museum of Art in Biloxi, Mississippi.

Creates a special fund designated "2016 Ohr-O'Keefe Operational Expense Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Department of Finance and Administration.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and may be sold by sealed bid at public sale or by negotiated sale.

Full faith and credit of the State of Mississippi is pledged to guarantee bond payment; any insufficiency in appropriated funds shall be paid from the State Treasury.

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