MS HB366

Authorizes issuance of state general obligation bonds not to exceed $350,000 to assist the City of Mound Bayou with improvements to its existing city pool.

Creates a special "2018 Mound Bayou City Pool Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds under the Department of Finance and Administration's direction.

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

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment; any insufficiency in appropriated funds shall be paid from unappropriated state treasury funds.

Bonds are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies; remaining funds after project completion shall be applied to debt service on the bonds.