MS HB375

Authorizes issuance of state general obligation bonds not to exceed $300,000 to assist the City of Shelby, Mississippi with enhancement, upgrades, and improvements to its downtown walking track and related facilities, and development of a downtown playground.

Creates a special fund designated the "2018 City of Shelby Walking Track Fund" within the State Treasury to be maintained separately from the General Fund, with unexpended amounts and interest earnings remaining in the fund rather than lapsing.

Bonds may not be issued after July 1, 2022, and shall mature no later than 25 years from the date of issue, with interest rates not to exceed limits set forth in Mississippi Code Section 75-17-101.

Bonds issued are general obligations of the State of Mississippi backed by the full faith and credit of the state, with principal and interest payable semiannually or annually.

Bonds issued and income therefrom are exempt from all taxation in Mississippi and are legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies organized under state law.