MS HB805

Authorizes issuance of up to $6,000,000 in state general obligation bonds for construction, furnishing, and equipping of a new Highway Safety Patrol Substation in Starkville, Mississippi.

Creates a special "2020 Department of Public Safety Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under direction of the Department of Finance and Administration.

Bonds may be issued at any time until July 1, 2024, with maturity not to exceed 25 years from issuance date and interest rates subject to Mississippi Code limits.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest on the bonds; bonds are exempt from state taxation and qualify as legal investments for fiduciaries and financial institutions.

Remaining funds in the special account after project completion shall be applied to pay debt service on the bonds; investment earnings on the fund shall also be used for debt service.