MS HB364

Authorizes issuance of state general obligation bonds not to exceed $35 million to assist the Cleveland School District with construction, furnishing, and equipping of a new school and related athletic facilities.

Creates a special fund designated the "2018 Cleveland School District New School Construction Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Department of Finance and Administration.

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

State Bond Commission acts as issuing agent with authority to prescribe bond form, determine sale method, advertise for bids, and negotiate sales; all costs of issuance and sale may be paid from bond proceeds.

Bonds are general obligations of Mississippi with full faith and credit pledged; any unexpended funds after project completion shall be applied to pay debt service on the bonds.