MS SB2054

Authorizes issuance of state general obligation bonds not to exceed $114,690.00 to assist Serenity on the Bayou in Anguilla, Mississippi with renovation and equipping of a building for the Emmanuel Community Center.

Creates a special fund designated "2021 Serenity on the Bayou Emmanuel Community Center Fund" within the State Treasury to hold and disburse bond proceeds for the project.

Bonds may be issued at one time or over time, with maturity not exceeding 25 years from date of issue, and no bonds may be issued after July 1, 2025.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest on the bonds; if legislative appropriations are insufficient, the State Treasurer shall pay any deficiency from other state funds.

Bond proceeds and income are exempt from all taxation in Mississippi, and any funds remaining after project completion shall be applied toward debt service on the bonds.