MS SB2588

Authorizes the issuance of state general obligation bonds not to exceed $10,000,000 to assist Hinds County in constructing, furnishing, and equipping a mental and behavioral health court/collaborative and/or mental health facility.

Creates a special fund within the State Treasury designated the "2020 Hinds County Mental and Behavioral Health Court/Collaborative and/or Mental Health Facility Construction Fund" to receive bond proceeds and disburse funds for project costs.

Bonds may have a maturity of up to 25 years from date of issue, with interest rates not to exceed limits set in Mississippi Code Section 75-17-101, and may be redeemed before maturity at the state's option.

No bonds shall be issued under this section after July 1, 2024, and any remaining fund balance after project completion shall be applied to bond debt service.

Bonds are general obligations of Mississippi with full faith and credit pledged; bond proceeds and income are exempt from state taxation, and bonds are legal investments for trustees, fiduciaries, and financial institutions.