MS HB1295

Authorizes issuance of state general obligation bonds up to $100,000 to assist the City of Saltillo, Mississippi with repair and renovation costs for the city's community center.

Creates a special fund designated "2019 City of Saltillo Community Center Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds under the Department of Finance and Administration's discretion.

Bonds may not be issued after July 1, 2023, and must mature within 25 years from date of issue, with interest rates not exceeding limits set forth in Mississippi Code Section 75-17-101.

Remaining fund balances after project completion must be applied to pay debt service on the issued bonds, and any investment earnings on the fund shall be used for debt service payments.

Bonds are backed by the full faith and credit of the State of Mississippi, are exempt from state taxation, and constitute legal investments for trustees, fiduciaries, and financial institutions.