MS HB487

Authorizes issuance of state general obligation bonds not to exceed $2,000,000 to fund construction, repair, renovation, and improvement of buildings, facilities, exhibits, and infrastructure at the Jackson Zoo in Jackson, Mississippi.

Creates a special "2020 Jackson Zoo Improvements Fund" within the State Treasury to be maintained separately from the General Fund, with unexpended amounts and interest earnings retained in the fund rather than reverting to the state General Fund.

Grants the State Bond Commission authority to determine bond terms including denomination, interest rates (not exceeding limits in Section 75-17-101), maturity (not exceeding 25 years), and redemption provisions, with all bonds backed by the full faith and credit of the State of Mississippi.

Bonds may not be issued after July 1, 2024, and upon project completion or abandonment, any remaining fund balance shall be applied to pay debt service on the bonds.

Bonds are exempt from state taxation and constitute legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies organized under Mississippi law.