MS SB2980

Authorizes issuance of state general obligation bonds not to exceed $50,000 to assist Tibbee Development Club, Inc. with building improvements for a community center.

Creates the "2021 Tibbee Development Club Community Center Improvements Fund" in the State Treasury to receive bond proceeds and disburse funds for the project under Department of Finance and Administration discretion.

Bonds may not be issued after July 1, 2025, and shall mature within 25 years with interest rates not exceeding limits in Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to back the bonds; if appropriated funds are insufficient, the State Treasurer shall pay any deficiency from available state funds.

Bonds are exempt from Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, banks, and insurance companies; unused project funds shall be applied to debt service on the bonds.