MS HB178

Authorizes the State Bond Commission to issue up to $150,000 in general obligation bonds to assist the Town of Friars Point in constructing a community center and related facilities.

Creates a special fund called the "2018 Friars Point Community Center Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under the Department of Finance and Administration's discretion.

Bonds may not be issued after July 1, 2022, and shall mature within 25 years from the date of issue with interest rates not exceeding limits set by Mississippi Code Section 75-17-101.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; any remaining funds after project completion shall be applied to pay debt service on the bonds.

Interest earned on special fund amounts and any unexpended balances shall not lapse into the General Fund, and bonds and their income are exempt from state taxation.