MS HB1347

Authorizes the State Bond Commission to issue up to $250,000 in general obligation bonds to assist the National Oak Park Alumni Association with repair, renovation, and restoration of its Alumni House in Laurel, Mississippi.

Creates a special fund designated the "2020 National Oak Park Alumni Association Alumni House Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified project.

Bonds may mature up to 25 years from date of issue and interest rates shall not exceed limits set forth in Section 75-17-101 of the Mississippi Code; no bonds shall be issued after July 1, 2024.

Any remaining funds after project completion shall be applied to pay debt service on the bonds; investment earnings on the fund shall also be used for debt service.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; income from bonds is exempt from state taxation.