MS HB1558

Authorizes the issuance of state general obligation bonds up to $600,000 to assist the City of Holly Springs in repairing, renovating, and restoring the former Holly Springs Water and Light Plant building for use as a welcome center and/or museum.

Creates a special fund designated "2019 City of Holly Springs Water and Lights Plant Building Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds for the project.

Bonds may not be issued after July 1, 2023, and shall mature within 25 years from date of issue with interest rates not to exceed limits in Section 75-17-101, Mississippi Code of 1972.

Pledges the full faith and credit of the State of Mississippi to back the bonds; any insufficient appropriated funds for debt service shall be paid by the State Treasurer from general treasury funds.

After project completion, abandonment, or determination that it cannot be completed timely, remaining fund balances shall be applied to pay debt service on the bonds as directed by the State Bond Commission.