MS SB3030

Authorizes issuance of state general obligation bonds not to exceed $20,000,000 to assist the City of Gulfport in constructing the Mississippi Aquarium and related facilities and infrastructure.

Creates a special fund called the "2018 Mississippi Aquarium Construction Fund" within the State Treasury to receive bond proceeds and disburse them for aquarium construction costs.

Bonds may be issued at any time by the State Bond Commission but not after July 1, 2022, with a maximum maturity of 25 years and interest rates not exceeding limits set in Mississippi Code Section 75-17-101.

Bonds are general obligations of the state backed by full faith and credit of Mississippi, with principal and interest payable from appropriated funds or from the State Treasury if appropriations are insufficient.

Upon project completion or abandonment, any remaining fund amounts shall be applied to pay debt service on the bonds, and all bond income is exempt from state taxation.