MS HB463

Authorizes issuance of state general obligation bonds up to $300,000 to assist the City of Shelby, Mississippi with costs for enhancement, upgrades, and improvements to the downtown walking track and related facilities and development of a downtown playground.

Creates the "2019 City of Shelby Walking Track Fund" as a separate special fund within the State Treasury, with unexpended amounts and interest earnings remaining in the fund rather than reverting to the General Fund.

Bonds may be issued at any time up to July 1, 2023, with maturity dates not exceeding 25 years from date of issue, and may be redeemed before maturity at the State Bond Commission's discretion.

Full faith and credit of the State of Mississippi is pledged to back the bonds; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from unappropriated state funds.

Bonds and related income are exempt from all Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, and insurance companies in the state.