MS HB1659

Authorizes issuance of state general obligation bonds up to $3,000,000 for acquisition, construction, repair, renovation, and improvement of buildings and facilities for mental health diversion program activities under the Rivers McGraw Mental Health Diversion Pilot Program Act.

Creates a special "2018 Mental Health Diversion Program Facilities Fund" within the State Treasury, separate from the General Fund, to receive bond proceeds and any investment earnings for project costs.

Grants the State Bond Commission authority to determine bond terms including interest rates (not exceeding limits in Section 75-17-101), maturity dates (not to exceed 25 years), and sale methods, with all costs of issuance payable from bond proceeds.

Pledges the full faith and credit of Mississippi to guarantee bond repayment; requires any remaining funds after project completion to be applied to bond debt service.

Expires July 1, 2022 with respect to new bond issuances; bonds and income are exempt from state taxation and constitute legal investments for fiduciaries and financial institutions.