MS HB548

Authorizes the issuance of state general obligation bonds not to exceed $100,000 to assist Community Open Arms Transformation with repair, renovation, furnishing, and equipping of its building and related facilities in Jackson, Mississippi.

Creates the "2019 Community Open Arms Transformation Building Improvements Fund" within the State Treasury, maintained separately from the General Fund, with unexpended amounts and interest earnings retained in the fund.

Establishes that the State Bond Commission may issue bonds with maturity not exceeding 25 years, interest rates subject to Mississippi Code limits, and sets a deadline of July 1, 2023 for bond issuance.

Designates bonds as general obligations of Mississippi with full faith and credit pledged; any debt service deficiency shall be paid from the State Treasury, and bonds are exempt from state taxation.

Provides that bond proceeds shall be disbursed by the Department of Finance and Administration for project costs, with remaining funds applied to debt service after project completion or abandonment.