MS HB1564

Authorizes issuance of state general obligation bonds up to $3,500,000 to assist Lauderdale County with construction, development, upgrades and improvements to facilities, property and infrastructure within the county's industrial park, including repayment of prior county debt for these purposes.

Creates a special fund designated "2019 Lauderdale County Industrial Park Improvements Fund" within the State Treasury, with funds disbursed by the Department of Finance and Administration and any remaining amounts applied to bond debt service after project completion.

State Bond Commission acts as issuing agent with authority to prescribe bond forms, determine sale methods, advertise for bids, and negotiate sales; bonds may be issued at any time up to July 1, 2023.

Bonds are general obligations of Mississippi with full faith and credit of the state pledged for repayment; principal and interest payable over up to 25 years with interest rates not exceeding limits in Mississippi Code Section 75-17-101.

Bonds and income are exempt from all Mississippi taxation and are legal investments for trustees, fiduciaries, savings banks, trust companies and insurance companies.