MS HB1348

Authorizes the State Bond Commission to issue up to $250,000 in state general obligation bonds to assist the Southside High School Alumni Association with repair, renovation, and restoration of the former Southside High School in Heidelberg, Mississippi.

Creates a special fund designated "2020 Heidelberg Southside High School Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under discretion of the Department of Finance and Administration.

Bonds may mature up to 25 years from issuance date with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2024.

Upon project completion, abandonment, or inability to complete in timely fashion as certified by the State Bond Commission, any remaining fund balance shall be applied to pay debt service on the issued bonds.

Bonds are general obligations backed by the full faith and credit of the State of Mississippi, are exempt from state taxation, and constitute legal investments for trustees and fiduciaries.