MS SB2915

Authorizes the issuance of state general obligation bonds not exceeding $500,000 to assist the City of Pickens, Mississippi with repair and renovation costs of its library.

Creates a special fund called the "2020 City of Pickens Library Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds for the library project.

Bonds may be issued at one time or from time to time by the State Bond Commission until July 1, 2024, with a maturity period not to exceed 25 years from date of issue.

Bonds are backed by the full faith and credit of the State of Mississippi, are exempt from state taxation, and qualify as legal investments for trustees, banks, and insurance companies.

Any remaining funds in the special fund after project completion shall be applied toward bond debt service; bond proceeds may only be used for the library project and issuance costs.