MS HB242

Authorizes issuance of state general obligation bonds not to exceed $300,000 to fund construction and development of a splash pad and related recreation facilities for the Corinth-Alcorn County Recreation Commission.

Creates a special fund designated the "2020 Corinth-Alcorn County Recreation Commission Splash Pad Fund" within the State Treasury to receive bond proceeds and disburse funds under discretion of the Department of Finance and Administration.

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

Pledges the full faith and credit of the State of Mississippi to secure the bonds; any insufficient appropriated funds will be covered by the State Treasurer from unappropriated state funds.

Bonds and income are exempt from all Mississippi state taxation and may be validated in Chancery Court of the First Judicial District of Hinds County; act takes effect July 1, 2020.