MS SB3003

Authorizes the State Bond Commission to issue up to $2,500,000 in general obligation bonds to fund repairs, renovations, and improvements to Smith Park in Jackson, Mississippi.

Creates a special "2018 Smith Park Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds to the City of Jackson for park improvements under Department of Finance and Administration discretion.

Bonds may be issued at any time until July 1, 2022, with maturities not exceeding 25 years, bearing interest rates not to exceed limits set in Section 75-17-101, Mississippi Code of 1972.

Pledges the full faith and credit of the State of Mississippi to guarantee payment of principal and interest on the bonds, with any shortfall paid from the State Treasury.

Provides that after project completion or abandonment, any remaining fund balance shall be applied to pay debt service on the bonds, and investment earnings on the fund shall also be used for debt service.