MS HB862

Authorizes the State Bond Commission to issue up to $5,000,000 in general obligation bonds to assist the City of Canton, Mississippi with costs of constructing, furnishing, and equipping a convention center and related facilities.

Creates a special "2019 Canton Convention Center Fund" within the State Treasury to receive bond proceeds and disburse funds for the convention center project under direction of the Department of Finance and Administration.

Bonds may mature up to 25 years from issue date with interest rates not to exceed limits in Mississippi Code Section 75-17-101, and may be sold through sealed bids or negotiated sale as determined by the Bond Commission.

Pledges the full faith and credit of the State of Mississippi to pay bond principal and interest, with any deficiency paid from the State Treasury from non-appropriated funds.

No bonds may be issued under this authority after July 1, 2023; any remaining fund balance after project completion shall be applied to pay debt service on the issued bonds.