MS HB525

Authorizes issuance of state general obligation bonds not to exceed $350,000 to fund upgrades and improvements to the campground area at Lake Lamar Bruce in Lee County, Mississippi.

Creates a special fund designated the "2019 Lake Lamar Bruce Campground Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for campground project costs.

Grants the State Bond Commission authority to determine bond terms, declare necessity for issuance, prescribe bond form, advertise for bids, and sell bonds with interest rates not exceeding limits in Mississippi Code Section 75-17-101.

Bonds mature within 25 years from issuance, are backed by the full faith and credit of the State of Mississippi, and are exempt from state taxation; no bonds may be issued after July 1, 2023.

Remaining funds in the special fund after project completion shall be applied to pay debt service on the bonds, and investment earnings on the fund shall also be used for debt service.