House Bill 368 Summary

• Authorizes issuance of state general obligation bonds up to $1,500,000 to fund construction, repair, renovation, and improvement of buildings, facilities, exhibits, and infrastructure at the Jackson Zoo and Livingston Park in Jackson, Mississippi.

• Creates the "2019 Jackson Zoo/Livingston Park Improvements Fund" as a separate special fund within the State Treasury to hold and disburse bond proceeds and investment earnings.

• Bonds shall mature within 25 years from date of issue, with interest rates not to exceed limits set forth in Section 75-17-101 of Mississippi Code, and may be redeemed before maturity at the state's option.

• No bonds may be issued under this section after July 1, 2023; any remaining fund balances after projects are completed shall be applied to pay debt service on the bonds.

• Bonds are backed by the full faith and credit of the State of Mississippi and are exempt from state taxation; bond holders may enforce rights through legal proceedings if necessary.