MS SB3005

Authorizes the State Bond Commission to issue up to $250,000 in general obligation bonds to fund repair and renovation of the Oak Park Alumni Building in Laurel, Mississippi.

Creates a special fund called the "2020 Oak Park Alumni Building Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse them for the project.

Bonds may be issued at any time before July 1, 2024, with maturity dates not to exceed 25 years from issuance and interest rates subject to Mississippi law limits.

Upon project completion, abandonment, or inability to timely complete, any remaining fund balance shall be applied to pay debt service on the bonds.

Bonds are full general obligations of the State of Mississippi backed by the state's full faith and credit, and the bonds and their income are exempt from state taxation.