MS HB1562

Authorizes the State Bond Commission to issue up to $5,000,000 in general obligation bonds to assist the City of Canton, Mississippi in constructing, furnishing, and equipping a convention center and related facilities.

Creates a special fund designated the "2018 Canton Convention Center Fund" within the State Treasury to receive bond proceeds and disburse funds for convention center construction costs under the Department of Finance and Administration's discretion.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2022.

Upon project completion, abandonment, or inability to complete in timely fashion, any remaining fund amounts shall be applied to pay debt service on the bonds, with all investment earnings used for debt service payments.

Bonds are full faith and credit obligations of the State of Mississippi, exempt from state taxation, and the State Treasurer shall issue warrants as necessary to pay principal and interest when due.