MS HB1036

Authorizes issuance of up to $6,000,000 in state general obligation bonds for repairing, renovating, and refurbishing the Margaret Martin Performing Arts Center in Natchez, Mississippi, with no more than $2,000,000 issued in any single fiscal year and all bonds issued by July 1, 2026.

Creates the "2020 Margaret Martin Performing Arts Center Fund" as a special fund within the State Treasury to receive bond proceeds and any interest earnings, with funds disbursed by the Department of Finance and Administration for project costs.

Bonds mature within 25 years, bear interest at rates not exceeding limits set in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

Remaining funds after project completion shall be applied to pay debt service on the bonds, and investment earnings on the special fund shall be used for debt service in accordance with bond issuance proceedings.

Bonds are exempt from all Mississippi state taxation, qualify as legal investments for trustees and fiduciaries, and may be validated in Chancery Court of Hinds County's First Judicial District.