MS HB1710

Authorizes the State Bond Commission to issue up to $300,000 in general obligation bonds to assist the City of Shelby, Mississippi with enhancement, upgrades, and improvements to its downtown walking track and related facilities, and development of a downtown playground.

Creates a special fund designated the "2017 City of Shelby Walking Track Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Department of Finance and Administration.

Bonds shall mature no later than 25 years from date of issue, with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2021.

Full faith and credit of the State of Mississippi is pledged to secure the bonds; if appropriated funds are insufficient for payment, the State Treasurer shall pay any deficiency from other available state funds.

Bonds and income therefrom are exempt from all Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies.