MS SB2989

Authorizes issuance of state general obligation bonds not to exceed $150,000 to assist Pontotoc County, Mississippi with renovation costs of the W.A. Grist Building for employee seminars, training, and free legal clinics.

Creates a special fund designated "2020 Pontotoc County W.A. Grist Building Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds under the Department of Finance and Administration's discretion.

Bonds shall mature within 25 years from date of issue with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2024.

Bonds are general obligations of Mississippi backed by the full faith and credit of the state; if appropriated funds are insufficient for debt service, deficiencies shall be paid from the State Treasury.

Remaining funds after project completion or abandonment shall be applied to bond debt service; bond income is exempt from all Mississippi state taxation and bonds are legal investments for trustees and fiduciaries.