MS SB2008

Authorizes issuance of state general obligation bonds not to exceed $30,000,000 to fund Phase II construction, furnishing, and equipping of a new Department of Public Safety headquarters building in Rankin County, Mississippi.

Creates a special "2018 Department of Public Safety Headquarters Building Construction Fund" within the State Treasury to receive bond proceeds and disburse funds under direction of the Department of Finance and Administration.

Bonds may be issued at any time or multiple times through July 1, 2022, with maturity not to exceed 25 years from issuance date and interest rates subject to Mississippi Code Section 75-17-101.

Pledges full faith and credit of the State of Mississippi for bond repayment; any insufficient appropriations require the State Treasurer to cover deficiencies from unappropriated state funds.

Investment earnings on the special fund shall be used for debt service on the bonds, and any remaining funds after project completion shall be applied toward bond debt service.