MS HB1694

Authorizes issuance of state general obligation bonds not to exceed $1,000,000 to assist the John C. Robinson "Brown Condor" Association with repair, renovation, expansion, and improvements to a building in Gulfport leased from the City of Gulfport.

Creates a special fund within the State Treasury designated the "2019 John C. Robinson Mississippi Aviation Fund" to be maintained separately from the General Fund, with unexpended amounts and interest earnings remaining in the fund.

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

State Bond Commission acts as issuing agent and may sell bonds through sealed bid public sale or negotiated sale, with proceeds transferred to the special fund for authorized project costs.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state; principal and interest exempt from Mississippi taxation and legal investments for trustees, fiduciaries, and financial institutions.