MS HB503

Authorizes the issuance of up to $300,000 in state general obligation bonds to fund construction and development of a splash pad and related recreation facilities for the Corinth-Alcorn County Recreation Commission.

Creates a special fund designated the "2019 Corinth-Alcorn County Recreation Commission Splash Pad Fund" within the State Treasury to receive and disburse bond proceeds under the Department of Finance and Administration's direction.

Bonds may not be issued after July 1, 2023 and shall mature within 25 years of issuance, with interest rates subject to Mississippi Code Section 75-17-101 limits.

Establishes that bonds are general obligations of Mississippi backed by the full faith and credit of the state, with debt service payable from legislative appropriations or the State Treasury if insufficient.

Any remaining fund balance after project completion shall be applied to pay debt service on the bonds, and the state has the option to call bonds for early redemption at specified prices.