MS HB312

Authorizes the issuance of state general obligation bonds not to exceed $5,000,000 to assist the City of Canton, Mississippi, in constructing, furnishing, and equipping a convention center and related facilities.

Creates the "2020 Canton Convention Center Fund" as a special fund within the State Treasury, separate from the General Fund, with unexpended amounts and investment earnings remaining in the fund and not lapsing.

Bonds may be issued at any time or from time to time by the State Bond Commission until July 1, 2024, with maturities not to exceed 25 years and interest rates subject to statutory limits.

Bonds are backed by the full faith and credit of the State of Mississippi, with principal and interest payable from appropriated funds, and any deficiency paid from the State Treasury.

Proceeds from bond sales are exempt from state taxation and may be invested by trustees, fiduciaries, banks, and insurance companies as legal securities.