MS SB2059

Authorizes issuance of state general obligation bonds not to exceed $500,000 for repair and renovation of the Oakes African American Cultural Center in Yazoo City, Mississippi.

Creates a special fund titled "2020 Oakes African American Cultural Center Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under Department of Finance and Administration direction.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with principal and interest payable over a maximum maturity of 25 years.

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

No bonds may be issued after July 1, 2024; any remaining unexpended funds after project completion shall be applied to debt service on the bonds.