MS HB1738

Authorizes the State Bond Commission to issue up to $1,000,000 in general obligation bonds to assist the City of Tupelo with repair, renovation, and expansion costs of the BancorpSouth Arena and Conference Center.

Creates a special fund within the State Treasury designated the "2020 City of Tupelo-Bancorpsouth Arena and Conference Center Improvements Fund" to receive and disburse bond proceeds for the project.

Bonds may mature up to 25 years from issuance 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 or abandonment, remaining funds in the special fund shall be applied to pay debt service on the bonds, with investment earnings on fund amounts also dedicated to debt service.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest on the bonds, which are exempt from state taxation and legal investments for fiduciaries and financial institutions.