MS SB3001

Authorizes the State Bond Commission to issue up to $500,000 in general obligation bonds to assist Quitman County, Mississippi with construction, furnishing, and equipping of a passenger train depot in Marks, Mississippi.

Creates the "2018 Marks Passenger Train Depot Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under the discretion of the Department of Finance and Administration.

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

Pledges the full faith and credit of the State of Mississippi to guarantee payment of bonds; requires the State Treasurer to pay any deficiency from general state funds if appropriations are insufficient.

Specifies that bond proceeds are exempt from state taxation, and any remaining funds after project completion shall be applied to pay debt service on the bonds.