MS SB2034

Authorizes the State Bond Commission to issue up to $1,200,000 in general obligation bonds to assist Marks, Mississippi, with construction, furnishing, and equipping of a building housing a community center and city hall.

Creates the "2020 Marks, Mississippi, Community Center/City Hall Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under the Department of Finance and Administration's discretion.

Bonds may mature up to 25 years from issuance, with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and may be redeemed before maturity at the State's option.

No bonds may be issued after July 1, 2024, and any remaining fund balances after project completion will be applied to debt service on the bonds.

Bonds are general obligations of Mississippi backed by the full faith and credit of the state, are exempt from state taxation, and are legal investments for fiduciaries and financial institutions.