MS SB3078

Authorizes issuance of up to $3,000,000 in state general obligation bonds for second-phase repair and renovation of the Natchez Seminary Property of the General Missionary Baptist State Convention of Mississippi, Inc.

Creates a special fund designated "2019 Natchez Seminary Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs under the Department of Finance and Administration's discretion.

Bonds shall mature within 25 years from date of issue at interest rates not exceeding limits in Mississippi Code Section 75-17-101, with the State Bond Commission authorized to determine terms, manage sale, and act as issuing agent.

Establishes the full faith and credit of Mississippi as backing for bonds; provides that if appropriated funds are insufficient for payment, the State Treasurer shall pay any deficiency from unappropriated state funds.

No bonds may be issued after July 1, 2023; bond proceeds are exempt from state taxation and may be validated in Hinds County Chancery Court.