MS HB1579

Authorizes the State Bond Commission to issue up to $1,000,000 in general obligation bonds to fund repair, renovation, upgrades, and improvements to Winona Municipal Separate School District schools and related facilities.

Creates a special fund called the "2017 Winona Municipal Separate School District Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for approved projects.

Bonds may bear interest at rates compliant with Mississippi law, mature within 25 years, and may be redeemed before maturity at the state's option, with interest payable semiannually or annually.

Full faith and credit of the State of Mississippi is pledged for bond repayment; if legislative appropriations are insufficient, the State Treasurer shall cover deficiencies from other state funds.

Bonds cannot be issued after July 1, 2021, and any remaining fund balance after project completion shall be applied to pay debt service on the bonds; bond income is exempt from Mississippi taxation.