MS HB601

Authorizes issuance of state general obligation bonds not to exceed $150,000 to assist the Town of Friars Point, Mississippi, with costs of constructing a community center and related facilities.

Creates a special fund called the "2019 Friars Point Community Center Fund" maintained by the State Treasurer, separate from the General Fund, with unexpended amounts and investment earnings remaining in the fund rather than lapsing.

Grants the State Bond Commission authority to determine bond terms including interest rates (not exceeding limits in Section 75-17-101), maturity dates (up to 25 years), and redemption provisions, with all bonds backed by the full faith and credit of Mississippi.

Requires bond proceeds to be disbursed by the Department of Finance and Administration solely for the community center project costs, with any remaining funds after project completion used for debt service on the bonds.

Establishes July 1, 2023, as the deadline for issuing bonds and exempts bond proceeds and income from state taxation.