MS SB2402

Authorizes the State Bond Commission to issue up to $20,000,000 in general obligation bonds to assist the City of Gulfport with construction costs of the Mississippi Aquarium and related facilities and infrastructure.

Creates the "2019 Mississippi Aquarium Construction Fund" as a separate fund within the State Treasury to receive bond proceeds and disburse funds at the discretion of the Department of Finance and Administration.

Bonds may not be issued after July 1, 2023, and shall mature within 25 years from the date of issue with interest rates not to exceed limits set by Mississippi Code Section 75-17-101.

Remaining fund amounts after project completion shall be applied to pay debt service on the bonds, with investment earnings also dedicated to debt service payments.

Bonds are backed by the full faith and credit of the State of Mississippi and are exempt from state taxation, with proceeds used solely for aquarium construction costs and issuance expenses.