MS SB2902

Authorizes the State Bond Commission to issue up to $1,000,000 in state general obligation bonds to fund construction of a community center and storm shelter in the Town of Terry, Mississippi.

Creates a special fund called the "2020 Town of Terry Community Center and Storm Shelter Fund" within the State Treasury to receive and disburse bond proceeds for the project.

Bonds may be issued at any time up to July 1, 2024, with a maximum maturity of 25 years and interest rates not exceeding limits set in Mississippi Code Section 75-17-101.

Upon project completion, abandonment, or inability to complete in a timely manner, remaining funds in the special fund shall be applied to pay debt service on the bonds.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; bond proceeds and income are exempt from state taxation.