MS SB2883

Authorizes issuance of state general obligation bonds not to exceed $100,000 to fund repair and renovation of Cotesworth Culture and Heritage Center in Carrollton, Mississippi.

Creates a special fund designated "2020 Cotesworth Culture and Heritage Center Repair and Renovation Fund" to be maintained separately in the State Treasury with unexpended amounts and interest earnings retained in the fund.

Bonds may be issued at any time by the State Bond Commission through July 1, 2024, with maturity not to exceed 25 years and interest rates subject to state limits.

Bonds are general obligations of Mississippi backed by full faith and credit of the state, with debt service payable from fund revenues and any remaining fund balance after project completion applied to bond repayment.

Bonds and income therefrom are exempt from Mississippi taxation and constitute legal investments for state fiduciaries, savings banks, trust companies, and insurance companies.