MS HB1531

Authorizes the State Bond Commission to issue up to $20,000,000 in general obligation bonds to assist the City of Gulfport with construction costs for the Mississippi Aquarium and related facilities and infrastructure.

Creates a special fund called the "2018 Mississippi Aquarium Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for aquarium project costs under the Department of Finance and Administration's discretion.

Bonds may be issued until July 1, 2022, with maturity not to exceed 25 years from issuance date and interest rates subject to Mississippi Code Section 75-17-101 limits.

Establishes that bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with principal and interest payable from state funds if legislative appropriations are insufficient.

Specifies that any remaining fund balance after project completion shall be applied to pay debt service on the bonds, and provides that bonds and their income are exempt from Mississippi state taxation.