MS HB486

Authorizes issuance of state general obligation bonds not to exceed $100,000 to fund repair, renovation, furnishing, equipping, and upgrades to the Jackson Public School District's Career Development Center.

Creates a special fund called the "2020 Jackson Public School District - Career Development Center Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs.

Bonds may be issued at any time by the State Bond Commission until July 1, 2024, with a maximum maturity of 25 years and interest rates compliant with Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to secure bond repayment; any insufficiency in appropriated funds shall be paid from the State Treasury.

Bond proceeds are tax-exempt, qualify as legal investments for fiduciaries and financial institutions, and may be validated through Chancery Court in the First Judicial District of Hinds County.