MS SB2056

Authorizes issuance of state general obligation bonds not to exceed $300,000 for repair and renovation of the Triangle Cultural Center in Yazoo City, Mississippi, including the Museum of the Yazoo Historical Society.

Creates a special fund designated "2020 Triangle Cultural Center Repair and Renovation Fund" within the State Treasury to be maintained separately from the General Fund, with unexpended amounts and investment earnings retained in the fund.

Grants the State Bond Commission authority to issue, sell, and manage the bonds, with bonds maturing no later than 25 years from date of issue and bearing interest within limits set by Mississippi Code Section 75-17-101.

Bonds must be issued by July 1, 2024, and are backed by the full faith and credit of the State of Mississippi, with principal and interest payments guaranteed from the State Treasury if appropriated funds are insufficient.

Bonds and income therefrom are exempt from all Mississippi taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies.