MS HB1572

Authorizes issuance of state general obligation bonds not to exceed $5,000,000 to assist Marion County, Mississippi with planning, design, construction, furnishing, and equipping of the Marion County Sportsplex and related facilities.

Creates a special fund designated the "2017 Marion County Sportsplex Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for the sportsplex project.

Bonds may be issued at any time before July 1, 2021, with maturities not exceeding 25 years and interest rates subject to statutory limits.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; any fund deficiency shall be paid by the State Treasurer from the General Treasury.

Bond proceeds and income are exempt from Mississippi taxation, and remaining funds after project completion must be applied to pay debt service on the bonds.