MS SB2899

Authorizes issuance of state general obligation bonds up to $32,000,000 to fund Phase II construction, furnishing, and equipping of a Department of Public Safety headquarters building in Rankin County, Mississippi.

Creates a special "2020 Department of Public Safety Headquarters Building Construction Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under direction of the Department of Finance and Administration.

Bonds shall not exceed 25 years maturity, with interest rates subject to Mississippi Code limits, and are secured by the full faith and credit of the State of Mississippi.

All bonds must be issued by July 1, 2024, and any remaining fund balances after project completion shall be applied to pay debt service on the bonds.

Bonds are exempt from state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, and insurance companies; becomes effective July 1, 2020.