MS HB1355

Authorizes the State Bond Commission to issue up to $1,000,000 in general obligation bonds to fund the purchase and renovation of a building to house the Hinds Community College Maritime Training Center in Vicksburg, Mississippi.

Creates a special fund designated "2021 Hinds Community College Maritime Training Center 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 issuance with interest rates not to exceed limits set in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2025.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state, with principal and interest payable from appropriated funds or the State Treasury if needed.

Upon project completion or abandonment, remaining fund balances shall be applied to bond debt service; bond income is exempt from Mississippi state taxation and qualifies as legal investment for fiduciaries and financial institutions.