MS HB1462

Authorizes the State Bond Commission to issue up to $100,000 in state general obligation bonds to assist Pontotoc County with repair, renovation, and improvements to the Chancery Court building and Youth Court facility.

Creates a special fund designated the "2021 Pontotoc County Chancery Court Building and Youth Court Facility Fund" within the State Treasury to receive and disburse bond proceeds for the specified projects.

Bonds may mature up to 25 years from issuance with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2025.

Bonds are backed by the full faith and credit of the State of Mississippi, with principal and interest payments guaranteed by the State Treasurer from available state funds if appropriations are insufficient.

Bond proceeds and income are exempt from state taxation, and bonds become legal investments for Mississippi trustees, fiduciaries, banks, and insurance companies; act takes effect July 1, 2021.