MS SB3081

Authorizes issuance of up to $1,000,000 in state general obligation bonds to assist the City of Pickens, Mississippi with repair and renovation costs for converting Pickens Presbyterian Church on McMullen Street into a library.

Creates a special fund called the "2019 Pickens Presbyterian Church Conversion Fund" within the State Treasury to receive and disburse bond proceeds under the direction of the Department of Finance and Administration.

Bonds may be issued by the State Bond Commission at any time before July 1, 2023, with maturities not exceeding 25 years and interest rates subject to Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi for bond repayment; any unexpended funds remaining after project completion shall be applied to debt service on the bonds.

Bonds and income from the bonds are exempt from state taxation and may be validated in Chancery Court of Hinds County using the procedures in Mississippi Code Chapter 13, Title 31.