MS SB3029

Authorizes issuance of state general obligation bonds not to exceed $5,000,000 to fund construction of the Pearl River Community College Workforce Development Center in Hancock County, Mississippi.

Creates a special "2018 Pearl River Community College Workforce Development Center Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs.

Bonds may mature up to 25 years from issue date at interest rates not exceeding limits set in Mississippi Code Section 75-17-101, with the full faith and credit of the State pledged for repayment.

No bonds may be issued under this authority after July 1, 2022; remaining fund balances after project completion shall be applied to bond debt service.

Bonds are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies in Mississippi.