MS HB1556

Authorizes issuance of up to $35,000,000 in state general obligation bonds for construction, expansion, maintenance, repair, and upgrades to the Department of Revenue Liquor Distribution Center in Madison County, with no bonds issued after July 1, 2022.

Creates two special funds: the "2018 Department of Revenue Liquor Distribution Center Improvements Fund" for project costs and the "2018 Department of Revenue Liquor Distribution Center Improvements Bond Sinking Fund" for debt service on bonds.

Imposes a handling fee of $1.00 per case on manufacturers and wholesalers whose products are placed in the liquor distribution center, effective July 1, 2018, with revenue deposited into the bond sinking fund.

Establishes bonds as general obligations of the State of Mississippi backed by full faith and credit, with principal and interest payable primarily from the bond sinking fund and secondarily from the State Treasury if funds are insufficient.

Bonds may mature up to 20 years from issue date, bear interest at rates not exceeding limits in Mississippi Code Section 75-17-101, and are exempt from state taxation.