MS HB1689

Authorizes issuance of state general obligation bonds up to $500,000 to fund repair, renovation, expansion, and improvements to the Lynn Meadows Discovery Center in Gulfport, Mississippi.

Creates the "2019 Lynn Meadows Discovery Center Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds at the discretion of the Department of Finance and Administration.

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.

Full faith and credit of the State of Mississippi is pledged to pay bonds; any shortfall in appropriated funds shall be paid by the State Treasurer from unappropriated treasury funds.

Bonds are exempt from Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies; any remaining fund balance after project completion shall be applied to debt service on the bonds.