MS HB546

Authorizes issuance of state general obligation bonds up to $1,300,000 to fund the Delta Blues Museum in Clarksdale, Mississippi for acquisition, storage, and relocation of artifacts and design, fabrication, and installation of permanent exhibits.

Creates a "2020 Delta Blues Museum Fund" within the State Treasury to be maintained separately from the General Fund, with unexpended amounts and investment earnings retained in the fund rather than lapsing to the General Fund.

Bonds must be issued by July 1, 2024, with a maturity date not to exceed 25 years from issuance, and interest rates not to exceed limits set in Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to pay bond principal and interest; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from unappropriated state funds.

Bond proceeds and income from bonds are exempt from all state taxation; bonds are legal investments for trustees, fiduciaries, banks, and insurance companies in Mississippi.