MS HB461

Authorizes issuance of up to $35,000,000 in state general obligation bonds to assist the Cleveland School District with construction, furnishing, and equipping of a new school and related athletic facilities.

Creates the "2019 Cleveland School District New School Construction Fund" as a separate fund within the State Treasury to receive bond proceeds and disburse funds for project costs under direction of the Department of Finance and Administration.

Bonds must be issued by July 1, 2023, with maturity not to exceed 25 years from date of issue and interest rates subject to Section 75-17-101, Mississippi Code of 1972.

Establishes that bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with the State Treasurer required to pay any deficiency from general treasury funds if appropriations are insufficient.

Provides that bond income is exempt from Mississippi state taxation and that remaining funds in the special fund after project completion shall be applied to pay debt service on the bonds.