MS HB1674

Authorizes issuance of $10,000,000 in state general obligation bonds for the ACE Fund created under Section 57-1-16.

Bonds may not be issued after July 1, 2021, and may mature up to 25 years from date of issue with interest rates not exceeding limits in Section 75-17-101.

Proceeds from bond sales shall be deposited into the ACE Fund and disbursed solely upon order of the Mississippi Development Authority; investment earnings on bonds shall be used for debt service.

Bonds are general obligations of Mississippi with full faith and credit pledged; if appropriated funds are insufficient to pay principal and interest, the State Treasurer shall pay the deficiency from the State Treasury.

Bond income is exempt from Mississippi state taxation and bonds are legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies organized under state law; act effective July 1, 2017.