SB2945 Summary

• Authorizes issuance of state general obligation bonds up to $500,000 for furnishing, equipping, repairing, and renovating the Freedom House in Canton, Mississippi.

• Creates a special "2017 Freedom House Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds under the direction of the Department of Finance and Administration.

• Grants the State Bond Commission authority to determine bond terms including maturity (not to exceed 25 years), interest rates, denomination, and redemption provisions, and to sell bonds through public bidding or negotiation.

• Establishes bonds as general obligations of the State of Mississippi backed by full faith and credit, with the State Treasury obligated to cover any deficiency in principal or interest payments.

• Provides that any remaining funds after project completion shall be applied to pay debt service on the bonds, and designates bond income as exempt from Mississippi state taxation.