MS HB247

Authorizes the State Bond Commission to issue up to $250,000 in general obligation bonds to assist Holmes County, Mississippi with construction of a park and purchase of real property in Supervisors District 3.

Creates a special fund designated the "2020 Holmes County Park Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for the project.

Bonds shall bear interest at rates not exceeding limits in Section 75-17-101, Mississippi Code of 1972, mature within 25 years from issuance, and cannot be issued after July 1, 2024.

The full faith and credit of the State of Mississippi is pledged to pay principal and interest on the bonds, with the State Treasurer authorized to issue warrants for payment from any unappropriated state funds if legislative appropriations are insufficient.

Any remaining funds after project completion shall be used for debt service on the bonds; bond income is exempt from Mississippi state taxation.