MS SB3067

Authorizes issuance of state general obligation bonds not to exceed $55,000 to assist Calhoun County Board of Supervisors with completing the interior expansion of the Mississippi State Extension Multipurpose Building on Mississippi Highway 9 in Pittsboro.

Creates a special fund called the "2019 Mississippi State Extension Multipurpose Building Fund" within the State Treasury, maintained separately from the General Fund, with unexpended amounts and interest earnings retained in the fund.

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

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

Bond proceeds and investment earnings are exempt from Mississippi taxation and may only be used for the specified project costs or to pay debt service after project completion.