MS SB2849

Authorizes issuance of state general obligation bonds not to exceed $300,000 to assist the Town of Byhalia in paying costs for renovation of the Old School Commons building.

Creates a special fund designated "2019 Byhalia Old School Commons Fund" within the State Treasury to hold bond proceeds and disburse funds for the renovation project.

Bonds must be issued by July 1, 2023, and may have a maturity period not exceeding 25 years, with interest rates subject to Mississippi Code limitations.

Bonds are backed by the full faith and credit of the State of Mississippi, with principal and interest payable from state appropriations or other state treasury funds if needed.

Interest earnings and unexpended amounts in the special fund shall be used for debt service on the bonds, and any remaining funds after project completion shall be applied to pay bond debt service.