MS SB2067

Authorizes the State Bond Commission to issue up to $6,000,000 in general obligation bonds to repair, renovate, and refurbish the Margaret Martin Performing Arts Center in Natchez, Mississippi, with no more than $2,000,000 issued per fiscal year and all issuance ceasing after July 1, 2023.

Creates a special "2017 Margaret Martin Performing Arts Center Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs under the Department of Finance and Administration's discretion.

Bonds mature within 25 years from issue date, bear interest per Section 75-17-101 of Mississippi Code, and are backed by the full faith and credit of the State of Mississippi.

Bond proceeds and income are exempt from state taxation, constitute legal investments for fiduciaries and financial institutions, and may be used to cover issuance and sale costs.

Upon project completion, abandonment, or inability to complete timely, any remaining fund balance shall be applied to pay debt service on the bonds as directed by the State Bond Commission.