MS SB2943

Authorizes issuance of state general obligation bonds up to $2,000,000 to fund construction of a new police station in Bay Saint Louis, Mississippi.

Creates the "2019 Bay Saint Louis Police Station Construction Fund" as a separate fund within the State Treasury to receive bond proceeds and disburse them for police station construction, furnishing, and equipment costs.

Bonds may be issued at one time or over time, with maturity dates not to exceed 25 years from issuance, and no bonds may be issued after July 1, 2023.

Bonds are backed by the full faith and credit of the State of Mississippi; if legislative appropriations are insufficient to pay principal and interest, the State Treasurer must pay any deficiency from general state funds.

Bond proceeds are exempt from Mississippi taxation, and any unused funds in the construction fund shall be applied toward debt service on the bonds once the project is completed or abandoned.