MS HB878

Authorizes the State Bond Commission to issue up to $500,000 in state general obligation bonds to fund furnishing, equipping, repairing, and renovating the Freedom House in Canton, Mississippi.

Creates a special "2019 Freedom House Repair and Renovation Fund" within the State Treasury to receive bond proceeds and manage disbursements under the Department of Finance and Administration.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with principal and interest payable semiannually or annually over a period not to exceed 25 years.

Bond proceeds and income from the bonds are exempt from all Mississippi state taxation and may be invested by trustees, fiduciaries, banks, and insurance companies.

Upon completion of the renovation projects, any remaining fund balance shall be applied to pay debt service on the bonds issued under this authorization.