MS HB1635

Authorizes issuance of up to $1,000,000 in state general obligation bonds for repair, renovation, upgrades, and improvements to the Mississippi School of the Arts in Brookhaven.

Creates a special fund called the "2018 Mississippi School of the Arts Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Department of Finance and Administration.

Bonds may be issued by the State Bond Commission at one or more times until July 1, 2022, with maturity not exceeding 25 years and interest rates subject to state law limits.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest, with any insufficiency to be paid from the State Treasury; bonds are exempt from state taxation.

Any unspent funds after project completion shall be applied to pay debt service on the issued bonds, and investment earnings on the fund shall also be used for debt service.