MS SB2889

Authorizes the State Bond Commission to issue up to $3,000,000 in general obligation bonds to fund construction of a permanent facility for the 3-D School for Children with Dyslexia's Pine Belt campus in Petal, Mississippi.

Creates the "2020 3-D School Permanent Facility Construction Fund" as a separate fund within the State Treasury to receive bond proceeds and disburse funds for the construction project.

Bonds may be issued with interest rates not exceeding limits in Mississippi Code Section 75-17-101, mature within 25 years, and may be called for redemption before maturity at the state's option.

Bonds are backed by the full faith and credit of the State of Mississippi, with any shortfalls in appropriated funds to be paid from the State Treasury; bond income is exempt from state taxation.

No bonds may be issued under this authorization after July 1, 2024; upon project completion or abandonment, remaining funds must be applied to debt service on the issued bonds.