MS SB2962

Authorizes issuance of state general obligation bonds not exceeding $100,000 to assist Montgomery County Board of Supervisors in funding construction of a 4-H practice arena at the Montgomery County Coliseum.

Creates the "2019 Montgomery County 4-H Practice Arena Fund" as a separate fund in the State Treasury to receive bond proceeds and disburse funds for arena construction costs.

Bonds shall mature within 25 years from date of issue, with interest rates not to exceed limits in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2023.

Bonds are general obligations of Mississippi backed by the full faith and credit of the state; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from unappropriated state funds.

Investment earnings and any remaining funds after project completion shall be applied to pay debt service on the issued bonds; bonds are tax-exempt and legal investments for trustees, fiduciaries, banks, and insurance companies in Mississippi.