MS SB2918

Authorizes issuance of state general obligation bonds not to exceed $3,000,000 to assist the City of Canton, Mississippi with preplanning and first phase costs of a city complex housing administration, police department, and fire department.

Creates a special fund designated "2020 City of Canton City Complex Fund" within the State Treasury, separate from the General Fund, with unexpended amounts and investment earnings remaining in the fund rather than lapsing.

Bonds shall mature within twenty-five (25) years from date of issue, bear interest as determined by the State Bond Commission, and cannot be issued after July 1, 2024.

Upon project completion, abandonment, or determination that timely completion is impossible, any remaining fund amounts shall be applied to pay debt service on the bonds.

Bonds are general obligations of Mississippi with full faith and credit pledged; bond income is exempt from state taxation and bonds are legal investments for trustees, fiduciaries, and financial institutions.