MS HB1577

Authorizes issuance of up to $100,000 in state general obligation bonds to assist the City of Booneville, Mississippi, with repairing, restoring, preserving, and maintaining the Booneville Depot (GM&O Depot)

Creates the "2017 City of Booneville Depot Improvements Fund" within the State Treasury, with unexpended amounts and investment earnings remaining in the fund rather than lapsing to the General Fund

The Booneville Depot currently houses the Booneville and Prentiss County Main Street Association and the Rails and Trails Museum

Bonds must be issued before July 1, 2021, may not exceed 25 years to maturity, and are backed by the full faith and credit of the State of Mississippi

Bonds and income from them are exempt from all state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies