MS SB3055

Authorizes the State Bond Commission to issue up to $150,000 in general obligation bonds to fund repair, renovation, restoration, and expansion of the Houlka Community Center in Chickasaw County, Mississippi.

Creates a special fund designated the "2018 Houlka Community Center Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under the Department of Finance and Administration's discretion.

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

Remaining funds in the special fund after project completion shall be applied to pay debt service on the bonds, and any investment earnings on the fund shall be used for debt service.

Bonds are backed by the full faith and credit of the State of Mississippi and are exempt from state taxation, with the State Treasurer authorized to issue warrants to pay principal and interest when due.