MS SB2935

Authorizes issuance of state general obligation bonds up to $1,200,000 to assist Marks, Mississippi in constructing, furnishing, and equipping a building to house a community center and city hall.

Creates a special fund called "2017 Marks, Mississippi, Community Center/City Hall Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for the project.

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

Remaining funds in the special fund after project completion shall be applied to pay debt service on the bonds, and all investment earnings on fund amounts shall be used for debt service payments.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, and are exempt from all state taxation.