MS HB1144

Authorizes the State Bond Commission to issue up to $350,000 in general obligation bonds to fund upgrades and improvements to the campground area at Lake Lamar Bruce in Lee County, Mississippi.

Creates the "2020 Lake Lamar Bruce Campground Improvements 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 may mature up to 25 years from date of issue and bear interest rates not to exceed limits set in Mississippi Code Section 75-17-101, with all bonds backed by the full faith and credit of the State.

No bonds may be issued after July 1, 2024, and any remaining fund balance after project completion shall be applied to pay debt service on the issued bonds.

Bonds are exempt from Mississippi state taxation and constitute legal investments for trustees, fiduciaries, banks, and insurance companies organized under state law.