MS HB121

Authorizes issuance of up to $4,000,000 in state general obligation bonds to assist the City of Holly Springs in construction, furnishing, and equipping of a wellness and aquatics center and related facilities.

Creates a special fund designated the "2020 City of Holly Springs Wellness and Aquatics Center Construction Fund" within the State Treasury, maintained separately from the General Fund, with unexpended amounts and investment earnings retained in the fund.

Bonds shall mature within 25 years from date of issue, bear interest rates not exceeding limits in Mississippi Code Section 75-17-101, and shall not be issued after July 1, 2024.

Full faith and credit of the State of Mississippi is pledged for payment of bonds; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from other available state funds.

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