MS HB1346

Authorizes issuance of state general obligation bonds not to exceed $250,000 to assist the Town of Shubuta, Mississippi with construction, reconstruction, refurbishing, repair, renovation and restoration of the Shubuta Town Hall building and related facilities.

Creates a special fund designated the "2020 Shubuta Town Hall Building Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under the Department of Finance and Administration's discretion.

Bonds may be issued at any time until July 1, 2024, with maturity not to exceed 25 years from the date of issue and interest rates not exceeding limits in Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to secure payment of principal and interest, with any deficit to be paid from state funds not otherwise appropriated.

Bonds are exempt from Mississippi state taxation and any remaining project funds shall be applied to pay debt service on the bonds after project completion or abandonment is certified.