MS SB2370

Authorizes the State Bond Commission to issue up to $4,500,000 in general obligation bonds for repairing, renovating, refurbishing, and purchasing property at the E.E. Bass Cultural Arts Center in Greenville, Mississippi.

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

Bonds must be issued by July 1, 2024, with a maximum maturity of 25 years from the date of issue and interest rates not to exceed limits set by Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment, with any deficiencies paid by the State Treasurer from general treasury funds if appropriations are insufficient.

Declares bond proceeds and income therefrom exempt from all Mississippi state taxation and designates bonds as legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies in the state.