MS HB923

Authorizes the issuance of state general obligation bonds not to exceed $300,000 to assist the City of Shelby, Mississippi with costs of enhancing, upgrading, and improving its downtown walking track and related facilities, and developing a downtown playground.

Creates a special fund designated the "2020 City of Shelby Walking Track Fund" within the State Treasury to receive bond proceeds and disburse funds under the direction of the Department of Finance and Administration.

Establishes that bonds may not be issued after July 1, 2024, with a maturity period not to exceed 25 years from the date of issue, and may bear interest at rates not to exceed limits set in Mississippi Code Section 75-17-101.

Pledges the full faith and credit of Mississippi to repay bonds, with any insufficiency in appropriated funds to be covered by the State Treasurer from general state funds.

Provides that any unexpended funds remaining after project completion shall be applied to debt service on the bonds, and that bonds and interest income are exempt from all Mississippi state taxation.