MS SB3025

Authorizes the issuance of up to $150,000 in state general obligation bonds to fund repair, renovation, restoration, and expansion of the Houlka Community Center in Chickasaw County, Mississippi.

Creates a special fund called the "2017 Houlka Community Center Improvements Fund" within the State Treasury to receive and disburse bond proceeds for the project.

Bonds may be issued at any time up until July 1, 2021, with a maximum maturity of 25 years from the date of issue and interest rates not to exceed limits set by Mississippi Code Section 75-17-101.

Bonds are backed by the full faith and credit of the State of Mississippi, meaning the State Treasurer must cover any shortfall in payment from the General Treasury if appropriated funds are insufficient.

Upon project completion or abandonment, any remaining fund balance shall be applied to pay debt service on the bonds; investment earnings on the fund shall also be used for debt service payments.