MS SB2911

Authorizes issuance of state general obligation bonds not to exceed $2,500,000 to fund preplanning, construction, furnishing, and equipping the Marty Stuart Congress of Country Music in Philadelphia, Mississippi.

Creates a special fund called the "2020 Marty Stuart Congress of Country Music Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs.

Bonds may be issued by the State Bond Commission at one or more times, with maturity not to exceed 25 years from date of issue, and no bonds may be issued after July 1, 2024.

Any remaining funds in the special fund after project completion or abandonment shall be applied to pay debt service on the issued bonds.

Bonds are general obligations of the State of Mississippi backed by full faith and credit, are tax-exempt, and may be validated through Chancery Court proceedings.