MS HB1617

Authorizes issuance of state general obligation bonds not to exceed $100,000 to assist Arts Klassical, Inc., in purchasing or leasing a building and related facilities in Jackson, Mississippi.

Creates a special fund designated the "2019 Arts Klassical, Incorporated, Building 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 exceeding limits set by Mississippi Code Section 75-17-101.

Establishes that bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with principal and interest payable from appropriated funds or the State Treasury if insufficient.

Directs that bond proceeds and any remaining funds upon project completion be applied to pay debt service on the bonds, and exempts bonds and income from all state taxation.