MS HB1687

Authorizes issuance of state general obligation bonds up to $250,000 to assist the Southside High School Alumni Association with repair, renovation, and restoration of the former Southside High School in Heidelberg, Mississippi.

Creates a special fund designated the "2019 Heidelberg Southside High School Improvements Fund" within the State Treasury to hold bond proceeds and any investment earnings.

Bonds may not be issued after July 1, 2023, and must mature within 25 years of issuance with interest rates not exceeding limits set in Section 75-17-101, Mississippi Code of 1972.

Pledges the full faith and credit of the State of Mississippi to pay bond principal and interest, with any shortfall covered from unappropriated state treasury funds.

Bonds and income therefrom are exempt from all state taxation and constitute legal investments for trustees, fiduciaries, and financial institutions in Mississippi.