MS HB1736

Authorizes issuance of up to $150,000 in state general obligation bonds to assist the Town of Friars Point, Mississippi in constructing a community center and related facilities.

Creates the "2017 Friars Point Community Center Fund" within the State Treasury to receive bond proceeds and disburse funds for the construction project under Department of Finance and Administration discretion.

Bonds may be issued at any time or from time to time by the State Bond Commission but no bonds shall be issued after July 1, 2021.

Bonds shall mature within 25 years from date of issue, with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

Bond proceeds are exempt from state taxation, and any remaining funds after project completion shall be applied to pay debt service on the bonds.