MS SB2941

Authorizes issuance of state general obligation bonds not to exceed $900,000 to assist Lowndes County, Mississippi in paying costs associated with completion of a horse park.

Creates a special fund designated "2018 Lowndes County Horse Park Completion Fund" within the State Treasury to be maintained separately from the General Fund, with unexpended amounts and interest earnings retained in the fund.

Bond proceeds to be disbursed by the Department of Finance and Administration for horse park completion costs, with any remaining funds applied to debt service on the bonds after project completion, abandonment, or determination that timely completion is not feasible.

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

Bonds constitute general obligations of the State of Mississippi with full faith and credit pledged; bond income is exempt from state taxation and bonds are legal investments for state fiduciaries and financial institutions.