MS SB2457

Authorizes issuance of up to $40,000 in state general obligation bonds to assist the CREATE Foundation in Tupelo with general repairs and storm shelter construction at the Red Hills Community Center in Union County, Mississippi.

Creates a special "2021 Red Hills Community Center Fund" within the State Treasury to receive and disburse bond proceeds for the project, with unexpended amounts not lapsing at fiscal year end.

Allows the CREATE Foundation to retain 1% of bond proceeds to cover administrative expenses related to the project.

Establishes that bonds shall mature within 25 years, cannot be issued after July 1, 2025, and are backed by the full faith and credit of the State of Mississippi.

Provides that remaining funds after project completion shall be applied to pay debt service on the bonds, and exempts bonds and income from state taxation.