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MS HB1712
Bill
Status
Failed
2/22/2017
Primary Sponsor
Abe Hudson
Click for details
AI Summary
- Authorizes issuance of state general obligation bonds up to $35,000,000 to assist Cleveland School District with construction, furnishing, and equipping of a new school and athletic facilities
- Creates the "2017 Cleveland School District New School Construction Fund" as a separate fund within the State Treasury to receive and disburse bond proceeds under direction of the Department of Finance and Administration
- Bonds may not be issued after July 1, 2021, with maturity dates not exceeding 25 years from date of issue and interest rates subject to Mississippi Code Section 75-17-101
- Pledges the full faith and credit of the State of Mississippi for bond repayment, with any fund deficiency to be covered by the State Treasurer from unappropriated state funds
- Remaining fund balance after project completion shall be applied to debt service on the bonds, and bond income is exempt from all Mississippi state taxation
Legislative Description
Bonds; authorize issuance to assist the Cleveland School District with construction of a new school.
Last Action
Died In Committee
2/22/2017
Committee Referrals
Ways and Means2/16/2017
Full Bill Text
No bill text available