MS HB1680

Authorizes issuance of state general obligation bonds up to $250,000 to assist the Town of Shubuta, Mississippi with construction, reconstruction, refurbishing, repair, renovation and restoration of the Shubuta Town Hall building and related facilities.

Creates a special fund designated the "2019 Shubuta Town Hall Building Improvements Fund" within the State Treasury to receive bond proceeds and disburse them for the authorized projects under discretion of the Department of Finance and Administration.

Bonds may not be issued after July 1, 2023, shall mature within 25 years from date of issue, and bear interest at rates not exceeding limits set forth in Mississippi Code Section 75-17-101.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with principal and interest payable semiannually or annually as determined by the State Bond Commission.

Any remaining funds after project completion shall be applied to pay debt service on the bonds, and the bonds are exempt from all taxation in Mississippi.