MS HB1557

Authorizes issuance of up to $4,000,000 in state general obligation bonds to assist the City of Holly Springs with construction, furnishing, and equipping of a wellness and aquatics center and related facilities.

Creates a special fund designated the "2019 City of Holly Springs Wellness and Aquatics Center Construction Fund" to be maintained separately by the State Treasurer with unexpended amounts not lapsing to the General Fund.

Bonds may be issued at one time or in multiple installments but cannot be issued after July 1, 2023, with a maturity not exceeding 25 years from date of issue.

State Bond Commission serves as issuing agent with authority to prescribe bond form, determine sale method, advertise and accept bids, and determine interest rates within statutory limits.

Full faith and credit of the State of Mississippi is pledged to guarantee bond payments, with any deficiency paid from State Treasury funds; bonds are exempt from state taxation and qualify as legal investments for state fiduciaries and public officers.