MS SB2005

Authorizes the issuance of state general obligation bonds not to exceed $2,500,000 to fund construction of the Northwest Mississippi Industry 4.0 Workforce Training Center on the Northwest Community College DeSoto Center campus in Southaven, Mississippi.

Creates the "2019 DeSoto County Workforce Center Construction Fund" within the State Treasury as a special fund maintained separately from the General Fund, with unexpended amounts and investment earnings remaining in the fund rather than lapsing.

Bonds shall mature no later than 25 years from date of issue and bear interest rates not exceeding limits set forth in Mississippi Code Section 75-17-101; no bonds may be issued after July 1, 2023.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, and bond proceeds shall be disbursed solely upon order of the Department of Finance and Administration for construction costs.

Bonds and income from bonds are exempt from all Mississippi state taxation and are legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies organized under Mississippi law.