MS HB1559

Authorizes issuance of state general obligation bonds totaling up to $6,000,000 to fund design, construction, furnishing, and equipping of buildings and infrastructure at Camp Kamassa in Copiah County for Mississippi's Toughest Kids Foundation.

Limits bond issuance to no more than $2,000,000 per fiscal year and prohibits any bonds from being issued after July 1, 2022.

Creates a special "2018 Camp Kamassa Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs, with unexpended amounts and investment earnings remaining in the fund rather than reverting to the General Fund.

Specifies that bonds shall mature within 25 years, bear interest at rates not exceeding limits in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

Exempts bonds and income from all state taxation and designates them as legal investments for trustees, fiduciaries, banks, and insurance companies in Mississippi.