MS HB1665

Authorizes issuance of state general obligation bonds not to exceed $90,000 to assist Adams County in paying costs associated with construction to replace the Old Kingston School Building.

Bonds can only be issued if Adams County and/or other sources provide matching funds totaling at least $90,000; no bonds may be issued after July 1, 2021.

Creates the "2017 Old Kingston School Fund" as a separate special fund in the State Treasury to receive bond proceeds and disburse funds for the school construction project.

Bonds are general obligations of Mississippi with full faith and credit pledged; principal and interest shall be paid from appropriated funds or from the State Treasury if appropriations are insufficient.

Bond proceeds exempt from state taxation; bonds are legal investments for trustees, fiduciaries, savings banks, and insurance companies in Mississippi.