MS HB1316

Creates a special fund in the State Treasury called the "Law Enforcement Officer Bulletproof Vest Grant Fund" to be administered by the Department of Public Safety.

Makes fund money available to local law enforcement agencies as matching funds for federal grants to purchase bulletproof vests, with eligibility limited to agencies that have a bulletproof vest policy.

Authorizes issuance of state general obligation bonds not to exceed $500,000 to fund the grant program, with all bonds to be issued by July 1, 2023 and maturing within 25 years.

Establishes that bond proceeds must be used within four years or reported to the State Bond Commission, and pledges the full faith and credit of Mississippi to guarantee repayment of principal and interest.

Provides that bonds and income therefrom are exempt from state taxation and qualifies them as legal investments for trustees, fiduciaries, and financial institutions.