MS SB3016

Authorizes issuance of state general obligation bonds not to exceed $250,000 to assist the City of Houston, Mississippi with the Houston Square Development Project.

Bond proceeds shall fund creation and repair of crosswalks, landscaping and lighting enhancements, and conversion of the old Houston Movie Theater into a community arts space.

Creates a special "2020 Houston Square Development Project Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs under Department of Finance and Administration discretion.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding statutory limits, and no bonds may be issued after July 1, 2024.

Upon project completion, abandonment, or inability to complete timely, remaining fund balances shall be applied to pay debt service on the bonds, with the State's full faith and credit pledged as security.