MS SB2476

Authorizes issuance of state general obligation bonds not to exceed $20,000,000 to fund construction of new facilities and relocation of the Mississippi State Veterans Home in the Jackson metropolitan area.

Creates a special fund called the "2020 Mississippi State Veterans Home Jackson Relocation and Construction Fund" within the State Treasury to receive and disburse bond proceeds for project costs.

Bonds may be issued at any time or from time to time by the State Bond Commission, with maturity not to exceed 25 years from date of issue, and no bonds may be issued after July 1, 2024.

Full faith and credit of the State of Mississippi is pledged for payment of principal and interest; any deficiency shall be paid from unappropriated state funds.

Bond proceeds are exempt from state taxation, and unexpended amounts remaining in the special fund shall be applied to pay debt service on the bonds once the projects are completed, abandoned, or cannot be completed in a timely fashion.